Price ($), cost of bushel Consider the graph below for a firm producing potatoes. You only...

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Price ($), cost of bushel Consider the graph below for a firm producing potatoes. You only need to answer part a, but can answer part b for bonus! a.) What is the total cost, total revenue, and profit for this firm? (Show your calculations for full credit.) b.) With these economic profits, would other firms enter or exit the market? What will this do to economic profits in the long run? MC A 12.11 MR ATC 10.11 B 9.51 1 0 5.4 7 Price ($), cost of bushel Consider the graph below for a firm producing potatoes. You only need to answer part a, but can answer part b for bonus! a.) What is the total cost, total revenue, and profit for this firm? (Show your calculations for full credit.) b.) With these economic profits, would other firms enter or exit the market? What will this do to economic profits in the long run? MC A 12.11 MR ATC 10.11 B 9.51 1 0 5.4 7

Answer rating: 100% (QA)

a Total Cost 1011 7 7077 Total Revenue 1211 7 8477 Total Profit ... View the full answer