Use the Following to Answer Question

question 208

Essay

Use the following to answer question:
-(Table: Lilly's Apple Orchard) Look at the table Lilly's Apple Orchard. Lilly is the price-taking owner of an apple orchard. Her orchard has fixed costs of $30. If the price of a bushel of apples is $80, how many bushels will Lilly produce? Is this a long-run equilibrium? If not, what will be the price of a bushel of apples in the long run? Show your work.

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Definitions:

Leaves Called Needles

Thin, cylindrical, and often evergreen leaves found in some coniferous plants.

Conifers

Conifers are a group of cone-bearing seed plants, predominantly evergreen, that include pines, spruces, and firs, known for their adaptability to various climates and their importance in ecosystems and timber industry.

Leathery

Describing a texture that is tough and flexible, similar to that of well-tanned leather, often referring to plant leaves or animal skin.

Vascular Tissue

Specialized tissue in plants that conducts water and nutrients throughout the plant body; includes xylem and phloem.