Suppose the market for apples is perfectly competitive. The short-run average total cost and marginal cost of growing apples for an individual grower are illustrated in the figure to the right. Assume that the market price for apples is $28.00 per box. What is the profit-maximizing quantity for apple growers to produce? boxes. (Enter your response as an integer.) At this level of output, profit will be $ rounded to the nearest dollar.) - (Enter your response Apple 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 apples is perfectly competitive. The short-run average total cost and marginal cost of growing apples for an individual grower are illustrated in the figure to the right. Assume that the market price for apples is $28.00 per box. What is the profit-maximizing quantity for apple growers to produce? boxes. (Enter your response as an integer.) At this level of output, profit will be $ rounded to the nearest dollar.) - (Enter your response Apple 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.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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