Suppose the market for com is perfectly competitive. The average total cost and marginal cost of growing corn in the long run for an individual farmer are illustrated in the graph to the right According to the graph, the long run equilibrium price for corn is $ per box. (Enter a numeric response using a real number rounded to two decimal places.) If at this price an individual corn farmer produces 70 boxes of corn per week. she will have economic profits of S To break even in the long run, com farmers must produce the quantity that i occurs CELLE Price and cost (dollars per box) 40 36- 32- 2222 =2 28 24- 20- 8 16 12- 8 4- 0 ATO 10 20 30 40 50 60 70 80 90 100 Quantity of corn (baxes per week) odu

Suppose the market for com is perfectly competitive. The average total cost and marginal cost of growing corn in the long run for an individual farmer are illustrated in the graph to the right According to the graph, the long run equilibrium price for corn is $ per box. (Enter a numeric response using a real number rounded to two decimal places.) If at this price an individual corn farmer produces 70 boxes of corn per week. she will have economic profits of S To break even in the long run, com farmers must produce the quantity that i occurs CELLE Price and cost (dollars per box) 40 36- 32- 2222 =2 28 24- 20- 8 16 12- 8 4- 0 ATO 10 20 30 40 50 60 70 80 90 100 Quantity of corn (baxes per week) odu

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter9: Perfect Competition

Section9.2: Perfect Competition In The Short Run

Problem 3ST

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