The Table Below Shows the Total Costs of Producing Cherries

question 173

Essay

The table below shows the total costs of producing cherries on a small plot of land.
(A)Calculate the marginal cost schedule.
(B)Draw the farmer's supply curve.
(C)Suppose the price of one pound of cherries is $2.How much would this farmer produce? Show graphically the area of producer surplus.What are profits?
(D)Suppose the price of cherries goes up to $6 per pound.How much will the farmer produce now? What are profits now?

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Definitions:

Conflict

Opposition or disagreement between ideas, interests, or parties, potentially leading to a dispute or struggle.

Early Adolescence

The period during adolescence, typically ranging from ages 10 to 14, marked by the onset of puberty and significant emotional and physical changes.

Parents

Caregivers of offspring in their own species; in humans, this usually refers to the biological or adoptive mother and father responsible for raising a child.

Adolescent Rebellion

Pattern of emotional turmoil, characteristic of a minority of adolescents, that may involve conflict with family, alienation from adult society, reckless behavior, and rejection of adult values.