Sub : EconomicsPls answer very fast.I ll upvote correct answer. Thank You The table below shows the daily costs of Cathy's Corn Stand. Cathy sells her corn cobs in a perfectly competitive market.Cathy's Corn Stand's Production CostsAVC(dollars)$1.901.701.551.501.501.601.701.80Quantity(corn cobs)2030405060708090Price (dollars)ATC(dollars)$4.403.372.802.502.332.312.332.361.0 -Cathy's Corn Stand's Production CostsMC(dollars)$1.60a. Draw Cathy's marginal cost (MC) curve.Instructions: Use the tool 'MC' to plot the curve point by point (8 points total).ATCAVC1.301.101.301.502.202.402.60MC b. The market price of corn is $2.20 per cob. In the short run, how much corn should Cathy produce each day to maximize profits?cobs per dayc. What are Cathy's profits/losses per day if she produces the profit-maximizing quantity of corn in the short run (losses are expressed as a negative number)?$d. In the short run, assuming nothing else changes, Cathy should:shut down, because the market price is above the AVC.O produce the same quantity of com per day.● produce a lower quantity of corn per day.produce a greater quantity of com per day.e. If the short-run price of corn falls to $1.30 per cob, Cathy should:produce the same quantity of com per day.O shut down, because the market price is below the AVC.O produce a greater quantity of com per day.O produce a lower quantity of corn per day.

Economic costs involve not just the accounting costs but also the opportunity cost of making one…

The table below shows the daily costs of Cathy's Corn Stand. Cathy sells her corn cobs in a perfectly competitive market. Cathy's Corn Stand's Production Costs AVC (dollars) $1.90 1.70 1.55 1.50 1.50 1.60 1.70 1.80 Quantity (corn cobs) 20 30 40 Price (dollars) 50 60 70 80 90 4.5 a. Draw Cathy's marginal cost (MC) curve. Instructions: Use the tool 'MC' to plot the curve point by point (8 points total). 4.0 3.5 3.0 2.5 2.0 1.5 ATC (dollars) $4.40 1.0 3.37 2.80 2.50 2.33 2.31 2.33 2.36 Cathy's Corn Stand's Production Costs MC (dollars) $1.60 1.30 1.10 1.30 1.50 2.20 2.40 2.60 ATC AVC MC

The table below shows the daily costs of Cathy's Corn Stand. Cathy sells her corn cobs in a perfectly competitive market. Cathy's Corn Stand's Production Costs AVC (dollars) $1.90 1.70 1.55 1.50 1.50 1.60 1.70 1.80 Quantity (corn cobs) 20 30 40 Price (dollars) 50 60 70 80 90 4.5 a. Draw Cathy's marginal cost (MC) curve. Instructions: Use the tool 'MC' to plot the curve point by point (8 points total). 4.0 3.5 3.0 2.5 2.0 1.5 ATC (dollars) $4.40 1.0 3.37 2.80 2.50 2.33 2.31 2.33 2.36 Cathy's Corn Stand's Production Costs MC (dollars) $1.60 1.30 1.10 1.30 1.50 2.20 2.40 2.60 ATC AVC MC

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Sub : Economics
Pls answer very fast.I ll upvote correct answer. Thank You

The table below shows the daily costs of Cathy's Corn Stand. Cathy sells her corn cobs in a perfectly competitive market.
Cathy's Corn Stand's Production Costs
AVC
(dollars)
$1.90
1.70
1.55
1.50
1.50
1.60
1.70
1.80
Quantity
(corn cobs)
20
30
40
50
60
70
80
90
Price (dollars)
ATC
(dollars)
$4.40
3.37
2.80
2.50
2.33
2.31
2.33
2.36
1.0 -
Cathy's Corn Stand's Production Costs
MC
(dollars)
$1.60
a. Draw Cathy's marginal cost (MC) curve.
Instructions: Use the tool 'MC' to plot the curve point by point (8 points total).
ATC
AVC
1.30
1.10
1.30
1.50
2.20
2.40
2.60
MC

b. The market price of corn is $2.20 per cob. In the short run, how much corn should Cathy produce each day to maximize profits?
cobs per day
c. What are Cathy's profits/losses per day if she produces the profit-maximizing quantity of corn in the short run (losses are expressed as a negative number)?
$
d. In the short run, assuming nothing else changes, Cathy should:
shut down, because the market price is above the AVC.
O produce the same quantity of com per day.
● produce a lower quantity of corn per day.
produce a greater quantity of com per day.
e. If the short-run price of corn falls to $1.30 per cob, Cathy should:
produce the same quantity of com per day.
O shut down, because the market price is below the AVC.
O produce a greater quantity of com per day.
O produce a lower quantity of corn per day.

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Step 3: Profit-maximizing quantity:

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Step 4: Total profit:

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Step 5: SR reaction:

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Step 6: Effect of price level change:

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