The figure to the right illustrates the average total cost (ATC) and marginal cost (MC) curves for an apple farmer. Assume the market for apples is perfectly competitive. If the market price for apples is $42.00 per crate, then what will be this apple farmer's profit? Use the rectangle drawing tool to shade in the apple farmer's profit. Label this shaded area 'Profit. Carefully follow the instructions above, and only draw the required objects. MC 72.00 68.00- 64.00- 56.00- 52.00 48.00- 44.00 40.00 36.00 ATC 32.00- 28.00- 24.00 Price and cost (dollars per crate) 20.00 16.00 12.00- 8.00 4.00 0.00 Apples (crates in 100s) Show Transcribed Text

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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The figure to the right illustrates the average total cost (ATC) and marginal cost (MC) curves for an apple farmer. Assume the market for apples is perfectly competitive.
If the market price for apples is $42.00 per crate, then what will be this apple farmer's profit? Use the rectangle drawing tool to shade in the apple farmer's profit. Label this shaded area 'Profit.
Carefully follow the instructions above, and only draw the required objects.
MC
72.00
68.00-
64.00-
56.00-
52.00
48.00-
44.00
40.00
36.00
ATC
32.00-
28.00-
24.00
Price and cost (dollars per crate)
20.00
16.00
12.00-
8.00
4.00
0.00
Apples (crates in 100s)
Show Transcribed Text
Transcribed Image Text:The figure to the right illustrates the average total cost (ATC) and marginal cost (MC) curves for an apple farmer. Assume the market for apples is perfectly competitive. If the market price for apples is $42.00 per crate, then what will be this apple farmer's profit? Use the rectangle drawing tool to shade in the apple farmer's profit. Label this shaded area 'Profit. Carefully follow the instructions above, and only draw the required objects. MC 72.00 68.00- 64.00- 56.00- 52.00 48.00- 44.00 40.00 36.00 ATC 32.00- 28.00- 24.00 Price and cost (dollars per crate) 20.00 16.00 12.00- 8.00 4.00 0.00 Apples (crates in 100s) Show Transcribed Text
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