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You are an economic consultant for Farmer Perk

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You are an economic consultant for Farmer Perk, who produces raw cotton and sells it in a perfectly competitive market. One day, he gives you the following cost data. The market price for a pound of cotton is $7. Use the table to answer the following questions.;Output;(Pounds of cotton per day) Total Fixed Cost;(TFC) Total Variable Cost;(TVC);0 $12 $0;1 $12 $5;2 $12 $9;3 $12 $14;4 $12 $20;5 $12 $28;6 $12 $38;7.1. What is Farmer Perk's profit-maximizing level of output?

 

Paper#27484 | Written in 18-Jul-2015

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