Suppose the market for peaches is perfectly competitive. The short-run average total cost and marginal cost of growing peaches for an individual grower are illustrated in the figure to the right. Assume that the market price for peaches is $30.00 per box. What is the profit-maximizing quantity for peach growers to produce? boxes. (Enter your response as an integer.) At this level of output, profit will be $. (Enter your response rounded to the nearest dollar.) Peach growers will earn positive economic profit in the short run at any market price above $ per box. (Enter your response rounded to one decimal place.)
Suppose the market for peaches is perfectly competitive. The short-run average total cost and marginal cost of growing peaches for an individual grower are illustrated in the figure to the right. Assume that the market price for peaches is $30.00 per box. What is the profit-maximizing quantity for peach growers to produce? boxes. (Enter your response as an integer.) At this level of output, profit will be $. (Enter your response rounded to the nearest dollar.) Peach growers will earn positive economic profit in the short run at any market price above $ per box. (Enter your response rounded to one decimal place.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![Suppose the market for peaches is perfectly competitive. The short-run average total cost and marginal
cost of growing peaches for an individual grower are illustrated in the figure to the right.
Assume that the market price for peaches is $30.00 per box. What is the profit-maximizing quantity for
peach growers to produce? boxes. (Enter your response as an integer.)
At this level of output, profit will be $. (Enter your response rounded to the nearest dollar.)
Peach growers will earn positive economic profit in the short run at any market price above $ per box.
(Enter your response rounded to one decimal place.)
Price (dollars per box)
40-
36-
32-
28-
24
20
16-
12-
8
4-
10
MC
20 30 40 50 60 70 80
Output (boxes of peaches per day)
▬▬
ATC
90 100
Q](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F95bb2b0f-8741-4456-bc1f-95255673d3fb%2Faf047aa8-249a-413d-ae5b-5d6207ce7caa%2F7xo1y5c_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose the market for peaches is perfectly competitive. The short-run average total cost and marginal
cost of growing peaches for an individual grower are illustrated in the figure to the right.
Assume that the market price for peaches is $30.00 per box. What is the profit-maximizing quantity for
peach growers to produce? boxes. (Enter your response as an integer.)
At this level of output, profit will be $. (Enter your response rounded to the nearest dollar.)
Peach growers will earn positive economic profit in the short run at any market price above $ per box.
(Enter your response rounded to one decimal place.)
Price (dollars per box)
40-
36-
32-
28-
24
20
16-
12-
8
4-
10
MC
20 30 40 50 60 70 80
Output (boxes of peaches per day)
▬▬
ATC
90 100
Q
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