Given the following table, which shows the weekly production information for bushels of soybeans, complete the following:

Q	TC	MC	TR	AVC	ATC	Total Profit or Loss
0	3750	---	0	---	---	-3750
250	7500		3750
500	8500		7500	9.50	17.00	-1000
750	9000		11250
1000	10250		15000	6.50	10.25	4750
1250	12875	10.50	18750	7.30	10.30
1500	16500	14.50	22500	8.50
1750	21625	20.50	26250	10.21	12.36	4625
2000	28125	26.00	30000	12.91	14.06	1875

1) Complete the above table (Note: For cost data, input your answers by rounding the answers for costs up to the nearest whole number. Ex. 3.174 should be entered as 3).

2) Does the table depict a short-run or long-run situation?

3) What is the market price per bushel of soybeans, based on the data in the table? (Round answer to nearest whole number.)

4) According to the table, at what quantity would the firm maximize profits?

5) Given your answer to number 4, what is the firm's economic profit? (Round answer to nearest whole number.)

6) What type of market is this firm competing in?

Answer rating: 100% (QA)

Q TC MC TR AVC ATC Profit 0 3750 0 3750 250 7500 15 3750 15 30 3750 500 850... View the full answer