At a market price of $35.20 a batch, what quantity does Lins produce and what is the
Question:
At a market price of $35.20 a batch, what quantity does Lin’s produce and what is the firm’s economic profit in the short run?
The market for cookies is perfectly competitive. The table to the right shows some cost data for Lin’s Fortune Cookies.
Transcribed Image Text:
Quantity AFC (batches per day) I 2 3 4 5 6 7 8 84.0 42.0 28.0 21.0 16.8 14.0 12.0 10.5 AVC ATC (dollars per batch) 51.00 44.00 39.00 36.00 35.20 36.00 39.00 44.50 135 86 67 57 52 50 51 55 MC 37 29 27 32 40 57 83
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
Lin produces the quantity at which marginal revenue equals m...View the full answer
Answered By
Nandana Wijayarathna
I am a highly experienced writer in several areas,
Business management
Information technology
Business administration
Literature
Biology
Environmental science
History
4.50+
161+ Reviews
399+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
At a market price of $50 a batch, what quantity does Lins produce and what is the firms economic profit in the short run? The market for cookies is perfectly competitive. The table to the right shows...
-
A permanent increase in demand ______ economic profit in the short run and some firms will ____ in the long run. A. Does not change; exit the market B. Increases; enter the market C. Increases; raise...
-
At a market price of $83 a batch, what quantity does Lins produce and what is the firms economic profit in the short run? Do firms enter or exit the market and what is Lins economic profit in the...
-
Vern Westby inherited a ticket from Anna Sjoblom, a survivor of the sinking of the Titanic, which had been pinned to the inside of her coat. He also inherited an album of postcards, some of which...
-
How does the life cycle of a company help explain dividend payments? What evidence is there to suggest that the companys life cycle, at least in part, explains dividend payments?
-
Discuss TWO (2) factors used by underwriters in the selection and classification of risks in order to achieve equity among policyholders using your own word.
-
The local small appliance store has microwave ovens for sale at a price of \($149.95.\) The price tag notes that the manufacturers suggested retail price is \($160.\) This type of pricing is referred...
-
Whole Goodness Bakery needs to determine the cost of two work orders for the month of June. Work order 215 is for 2,400 packages of dinner rolls, and work order 216 is for 2,800 loaves of multigrain...
-
A 20N force acts perpendicular to the door 0.8m wide at its edge. Find moment at hinges. Also find moment at hinges if 20N force acts at 60 with the plane of door. i) 20N force acting perpendicular...
-
Soft phonon mode consider a line of ions of equal mass but alternating in charge, with e p = e(?1) p as the charge on the pth ion the inter atomic potential is the sum of two contributions (1) a...
-
At a market price of $21 a toy, what quantity does the firm produce in the short run and does the firm make a positive economic profit, a zero economic profit, or an economic loss? Figure 15.5 shows...
-
A firm will shut down in the short run if at the profit-maximizing quantity, ___________. A. Total revenue is less than total cost B. Marginal revenue is less than average fixed cost C. Average total...
-
Factor each expression in Problems 1-2 as a product of binomials. 1. x2 + 8x + 12 2. x2 - 2x - 8 3. x2 - 15x - 16 4. x2 - 21x + 20
-
The current in the 1 3 . 8 2 resistor is / 3 = 0 . 9 A . 1 . Find the current in the other resistors in thecircuit? 2 . What is the total energy dissipated in resistor 4 1 7 . 2 0 if the power supply...
-
A jewelry shop specializes in creating gold and silver charms. The shop has five metalsmiths who work on the charms. One week, the shop's production possibilities curve shifts inward. What could...
-
Explain how the Pakistan crisis will affect the following companies: a) MEIR Commodities India Pvt. Ltd., an agri commodity trading house exporting sugar, molasses, organics, etc. b) Honda, Toyota,...
-
Assess any asymmetric information issues that the apple experienced during the previous five years. What were the adverse selection and the moral hazard problems that the company encountered?
-
Lab-created diamonds have become an alternative to traditionally mined diamonds. There are concerns, however, that these artificial diamonds may undermine diamond values and the reputation of natural...
-
Richard plans to invest $100,000 for a 50 percent interest in a small business. His friend Jack will also invest $100,000 for the remaining 50 percent interest. They expect to generate a 10 percent...
-
Consider a game of poker being played with a standard 52-card deck (four suits, each of which has 13 different denominations of cards). At a certain point in the game, six cards have been exposed. Of...
-
Compare the scale of agricultural production in the advanced and developing economies. In which is the percentage higher? In which is the total amount produced greater?
-
The income gap has widened in China. In 2014, the pay of workers in the coastal regions increased by 9.7 percent while that of workers in the inland regions grew by 9 percent. Explain how the...
-
The table above shows the PPF of an island community. Choose the best statement. A. Suppose that this community produces 3 pounds of fish and 20 pounds of berries. If it decides to gather more...
-
Do you feel prepared to speak with people in the world of work? Why or why not? Be sure to provide ample examples of both strengths and weaknesses - and what you plan on doing to correct these...
-
Please review the case InfoServe from chapter 3 and submit your responses to the questions below. What tools could Steve use to better understand the high turnover rate at InfoServe? What factors...
-
Research any organization of your choosing. It will be easier if you select a well - known publicly traded company. Prepare a well - written report responding to the following items for the...
Study smarter with the SolutionInn App