Please help me solve this question and as well show your work for points! Make s
ID: 1178640 • Letter: P
Question
Please help me solve this question and as well show your work for points! Make sure that your answers are correct and as well organize your answers!
Please refer to the gtable to answer the following questions:
A. At a price of $50 per batch of cookies, what quantity does lin produce?
What is the firm's economic profit?
Do firms enter or exit the industry?
B. At a price of $35.20 per batch of cookies, what quantity does Lin Produce?
What is the firm's economic profit?
Do firms enter or exit the industry?
C. At a price of $70 per batch of cookies, what quantity does Lin Produce?
What is the firm's economic profit?
Do firms enter or exit the industry?
Explanation / Answer
1. profit = revenue- total cost
total cost = $300
it ENTERS the industry...
2. quantity =5
loss of $52
3. matches with 7 batches
loss = $110
Exits the market