Chamberlain Un Login ? ? O ? |? https://www.mathxl.c Principles of Economics-All

Question

Chamberlain Un Login ? ? O ? |? https://www.mathxl.c Principles of Economics-Allen Quiz: Week 3: MEL Quiz This Question: 2 pts Rose growing is a perfectly competitive industry and all growers have the same costs The market price of roses is $23 a bouquet and each grower maximizes profit by producing 2,600 bouquets a week Average total cost of producing roses is $15 a bouquet and average variable cost is $11 a bouquet Minimum average variable cost is $3 a bouquet Calculate each grower's economic profit or loss in the short run dot S? a week. In the short run, each grower is If the firm incurs an economic loss, select loss in the dropdown window and do not enter a minus sign

Explanation / Answer

In the short run:

Economic profit = (P - ATC) x Q = (23 - 15) x 2600 = $ 20800

Each grower is making an economic profit of $ 20800 a week.

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.