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Use the following to answer questions:
-(Table: Lunch) Look at the figure Lunch. Joe makes and sells picnic lunches to people taking all-day rafting trips on the river. The marginal cost and average cost of each lunch are a constant $4. If Joe is one of many firms in a competitive industry, what is consumer surplus in the long run?
Genius
An exceptional intellectual or creative power or other natural ability.
Water Consumption
The volume of water utilized by individuals, industries, agriculture, or other entities over a specific period.
National Center for Health Statistics
A U.S. government agency that compiles statistical information to guide actions and policies to improve the health of the American people.
Standard Deviation
A figure representing how much the data in a set deviates from its central value, the mean.
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