ECO 111 brittany ciotti&I; 7/31/18 10:36 AM Lab Economics Homework: Chapter 12 H
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ECO 111 brittany ciotti&I; 7/31/18 10:36 AM Lab Economics Homework: Chapter 12 Homework Firms in Perfectly Competitive Save Main Menu Score: 0 of 1 pt 6 of 18 (14 complete) HW Score: 58 33%, 10 5 of 18 pts o Homework Concept: Profit Graph 2 Question Help The figure to the right illustrates the average total cost (ATC) and marginal cost (MC) curves for an apple farmer. Assume the market for apples is perfectly MO Take a Quiz/Test 72 64 60 56 52 2 48 If the market price for apples is $6600 per crate, then what will be this apple farmer's profit? Use the rectangle drawing tool to shade in the apple farmer's profit. Label this shaded area Profit 40 ATC Carefully follow the instructions above, and only draw the required objects 8 28 20 16 12 Click the graph, choose a tool in the palette and follow the instructions to create your graph Clear Al All parts showing O Type here to searchExplanation / Answer
Profit-maximizing
Price = MR = MC
Price = 66
Cost = 30
Quantity = 7
7*66 - 7*30
=7*36= 252
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