At a market price of $35.20 a batch, what quantity does Lin's produce and what is the firm's economic profit in the short run? The table below shows the demand schedule for Lin's Fortune Cookies. The second table shows some cost data for Lin's. Price (dollars per batch) (batches per day) Quantity demanded Quantity AFC (batches per day) AVC ATC MC (dellars per batch) 840 S1.00 135 37 50 42.0 4400 86 50 29 28.0 39.00 50 50 27 21.0 36.00 57 32 50 168 35.20 52 50 40 14.0 36.00 50 57 12.0 39 00 51 83 10.5 4450 S5

At a market price of $35.20 a batch, what quantity does Lin's produce and what is the firm's economic profit in the short run? The table below shows the demand schedule for Lin's Fortune Cookies. The second table shows some cost data for Lin's. Price (dollars per batch) (batches per day) Quantity demanded Quantity AFC (batches per day) AVC ATC MC (dellars per batch) 840 S1.00 135 37 50 42.0 4400 86 50 29 28.0 39.00 50 50 27 21.0 36.00 57 32 50 168 35.20 52 50 40 14.0 36.00 50 57 12.0 39 00 51 83 10.5 4450 S5

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 41P: A computer company produces affordable, easy-to-use home computer systems and has fixed costs of...

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