Question: Please help with this practice question. You are an apple farmer in a perfectly competitive market and sell apples by the bushel. The market price

Please help with this practice question.

You are an apple farmer in a perfectly competitive market and sell apples by the bushel. The market price for a bushel of apples is $20. The total cost and marginal cost of producing a bushel of apples is: TC = 32 + 2Q + 0.5Q2 MC = 2 + Q How many bushels should you sell in order to maximize profit

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Please help with this practice question. You are an apple farmer in a perfectly competitive market and sell apples by the bushel. The market price for a bushel of apples is $20. The total cost and...

1) You are an apple farmer in a perfectly competitive market and sell apples by the bushel. The total cost and marginal cost of producing a bushel of apples is: TC=32+2Q+0.5Q2 MC=2+Q a) The market...

Question 3 (1 point) Which situation gives the best example of a price-taker as it pertains to perfect competition? O lmani sells used furniture. Sometimes customers want to haggle with her over her...

1 Poin Question 3 8 Farmer Brown sells her wheat in a perfectly competitive market. Suppose the current market price of wheat is $ 2 . 5 0 per bushel. Farmer Brown can sell as much wheat as she likes...

Homework #8 -Perfect Competition Part 1: Perfect Competition: Why It Matters Firms are said to be in perfect competition when the following conditions occur: Many firms produce identical products....

Homework #8 -Perfect Competition Part 1: Perfect Competition: why It Matters Firms are said to be in perfect competition when the following conditions occur: it Many firms produce identical products....

Homework #8 -Perfect Competition Part 1: Perfect Competition: Why It Matters Firms are said to be in perfect competition when the following conditions occur: Many firms produce identical products....

A.. 1) As new firms enter a monopolistically competitive industry, it can be expected that: a.Profits of existing firms will fall. b.Market price will rise. c.Market demand will rise. d.The profits...

Econ 201 - Homework 3 (due Monday, April 1") Consider the decision of a farmer, Nicholas, who produces wheat in a perfectly competitive market. a) List three characteristics of a perfectly...

PLEASE HELP ME ANSWER THIS QUESTION Case Study 1 : APPLES PROFITABLE BUT RISKY STRATEGY When Apples Chief Executive Steven Jobs launched the Apple iPod in 2001 and the iPhone in 2007, he made a...

Flexible Budget for Assembly Department Cabinaire Inc. is one of the largest manufacturers of office furniture in the United States. In Grand Rapids, Michigan, it assembles filing cabinets in an...

The engineer Vasquez, who has been teaching the projects course for a long time, feels resistance to directing the course to agile projects, so he rejects the latest version and continues his...

5 This is part of Karen's homework. a Explain the mistake Karen has made. b Work out the correct answer. Question Simplify the ratio 6:20:10 Answers 6:20 simplifies to 3:10 20:10 simplifies to 2:1 So...

What is a primary difference in risk perception between organizational buyers and everyday consumers? Everyday consumers are more financially cautious Risk is only considered by the buyer, not the...

What are the expectations of the organisation(s) with which your research will be concerned? What organisational issues or priorities might affect the methods by which you gather data or the timing...

One of the advantages of mixed methods research is: a Facilitation of different methods in order to answer a research question. b Focus in depth using open interviews. c Theoretical purity. d...

Which of the following approaches to data enable a consideration of change over time? a Cross-sectional one moment in time survey. b Secondary data analysis. c Longitudinal data. d Literature review.