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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