Question: Q8 Apply MC = MR approach for completing the table given below. 10 marks O Price or Cost (dollars/bushel) MC a ATC 4.90 b C

Q8 Apply MC = MR approach for completing the table given below. 10 marks O Price or Cost (dollars/bushel) MC a ATC 4.90 b C AVC 3.90 de g 3.10 h k l m O 1.90 n 1.10 P 0 13 18 24 37 46 50 54 Quantity (thousands of bushels/year)Quantity Price TR TC Profit Loss 46 4.9 50 Shut down price = Shut down output = Short period supply curve

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