Table 8.7 Number of Fruit Baskets TFC TVC TC MC $50 $0 $50 -- 1 50 10 60 10 50 15 65 50 21 71 4 50 31 81 10 50 46 96 15 6. 50 68 118 22 1) Only for this question refer to table 8.7 (above). Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell fruit baskets and their profit is A) three; $5 B) four; $7 C) five; $14 D) six; $14

Table 8.7 Number of Fruit Baskets TFC TVC TC MC $50 $0 $50 -- 1 50 10 60 10 50 15 65 50 21 71 4 50 31 81 10 50 46 96 15 6. 50 68 118 22 1) Only for this question refer to table 8.7 (above). Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell fruit baskets and their profit is A) three; $5 B) four; $7 C) five; $14 D) six; $14

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 22RQ: What are diminishing marginal returns as they relate to costs?

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