In a perfectly competitive market of milk, the price of milk per gallon is $6. The...
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In a perfectly competitive market of milk, the price of milk per gallon is $6. The number of gallons of milk the Vaca Family Dairy Fam produces and the farm's total cost are in the following table. Show your answers in words and graphs. Gallons of milk Total cost $3 $5 $8 $12 3 $17 5 $23 $30 $38 $47 8. A. What is the supply curve of Vaca Family Dairy Farm? Draw it on a graph What is the profit-maximizing output? B. What is its profit? D. Is this market efficient? Explain why? C. 6 In a perfectly competitive market of milk, the price of milk per gallon is $6. The number of gallons of milk the Vaca Family Dairy Fam produces and the farm's total cost are in the following table. Show your answers in words and graphs. Gallons of milk Total cost $3 $5 $8 $12 3 $17 5 $23 $30 $38 $47 8. A. What is the supply curve of Vaca Family Dairy Farm? Draw it on a graph What is the profit-maximizing output? B. What is its profit? D. Is this market efficient? Explain why? C. 6
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