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Home / Questions / Quantity gallons per day Total cost dollars per day 0 400100 703200 880300 1008400 1160500...

Quantity gallons per day Total cost dollars per day 0 400100 703200 880300 1008400 1160500 1410600 1840 Petunia's Farm produces and sells milk The market for milk is perfectly competitive

Quantity(gallons per day) Total cost(dollars per day) 0 400100 703200 880300 1,008400 1,160500 1,410600 1,840
Petunia's Farm produces and sells milk. The market for milk is perfectly competitive. The market price of milk is $2.50 per gallon. The relationship between the farm's output and total costs is shown in the table above.
a) Draw Petunia's average variable, average total, and marginal cost curves.
b) Use your graphs to find Petunia's profit-maximizing output.
c) If Petunia maximizes her profit, how much profit does she make?
d) What is Petunia's shutdown point? What is her economic profit

Apr 29 2020 View more View Less

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