The Consistometer Table Gives the Consistency of Applesauce as a Function

question 2

Multiple Choice

The consistometer table gives the consistency of applesauce as a function of the number of months the raw apples were stored and the temperature at which they were blanched. The consistometer value is a measure of how far (in centimeters) an amount of applesauce flows down a vertical surface in 30 seconds. Sketch the contour curves on the table for the consistometer values of 2.8 and 3.2.

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Definitions:

Economic Profit

Economic profit is the difference between a firm's total revenue and its total costs, including both explicit and implicit costs, representing the excess over the firm's opportunity costs.

Implicit Costs

The firm’s opportunity costs of using resources owned or provided by the owner.

Explicit Costs

Dollar costs incurred by business firms, such as wages, rent, and interest.

Implicit Costs

The opportunity costs that are not directly incurred but represent the loss of alternative benefits when choosing one option over another.