After Flooding Damaged Much of the Crop, the Cost of a Head

question 89

Short Answer

After flooding damaged much of the crop, the cost of a head of lettuce jumped from $0.80 to $1.92. What percent of increase is this? __________ %

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Definitions:

Marginal Cost

The cost increase associated with the creation of one additional unit of a good or service.

Profit Maximizing

The process by which a firm determines the price and output level that returns the greatest profit.

Marginal Revenue Curve

A graphical representation that shows the change in total revenue for every unit increase in the quantity of output sold.

Demand Curve

A graphical representation showing the relation between the price of a good and the quantity demanded by consumers.