Isabella grows pumpkins. Her average variable cost (AVC), average total cost (ATC), and marginal cost (MC) of production are illustrated in the figure to the right. Assume the market for pumpkins is perfectly competitive and that the market price is $9.00 per box. How many pumpkins should Isabella grow? Isabella should produce thousand boxes of pumpkins. (Enter your response as an integer value.) How would you characterize Isabella's profit? Isabella's profit is ▼ Price ($ per box) 10.00 9.00- 8.00- 7.00- 6.00- 5.00- 4.00- 3.00- 2.00- 1.00- 0.00+ 0 MC Quantity (boxes in thousands) ATC AVCQ
Isabella grows pumpkins. Her average variable cost (AVC), average total cost (ATC), and marginal cost (MC) of production are illustrated in the figure to the right. Assume the market for pumpkins is perfectly competitive and that the market price is $9.00 per box. How many pumpkins should Isabella grow? Isabella should produce thousand boxes of pumpkins. (Enter your response as an integer value.) How would you characterize Isabella's profit? Isabella's profit is ▼ Price ($ per box) 10.00 9.00- 8.00- 7.00- 6.00- 5.00- 4.00- 3.00- 2.00- 1.00- 0.00+ 0 MC Quantity (boxes in thousands) ATC AVCQ
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter7: Production, Inputs, And Cost: Building Blocks For Supply Analysis
Section: Chapter Questions
Problem 1DQ
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