Price of Corn $7 MC $6 $5 ATC $4 $3 AVC $2 $1 47 1000 2000 3000 4000 5000 6000 7000 8000 Bushels of Corn (a) If the market price for corn in this market was $5, how many bushels of corn would Cornwallis produce in the short-run in order to maximize his profits? [ Select ] (b) At the market price of $5, what is the total REVENUE Cornwallis will collect in the short-run? [Select ] c) At the market price of $5, what is the total PROFIT Cornwallis will earn in the short-run? [ Select ]

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Price of Corn
$7
MC
$6
$5
ATC
$4
$3
AVC
$2
$1
0.
1000
2000
3000
4000
5000
6000
7000
8000
Bushels of Corn
(a) If the market price for corn in this market was $5, how many bushels of corn would Cornwallis produce in the short-run in order to maximize his profits?
[ Select ]
(b) At the market price of $5, what is the total REVENUE Cornwallis will collect in the short-run? 1Select ]
(c) At the market price of $5, what is the total PROFIT Cornwallis will earn in the short-run? Select
Transcribed Image Text:Price of Corn $7 MC $6 $5 ATC $4 $3 AVC $2 $1 0. 1000 2000 3000 4000 5000 6000 7000 8000 Bushels of Corn (a) If the market price for corn in this market was $5, how many bushels of corn would Cornwallis produce in the short-run in order to maximize his profits? [ Select ] (b) At the market price of $5, what is the total REVENUE Cornwallis will collect in the short-run? 1Select ] (c) At the market price of $5, what is the total PROFIT Cornwallis will earn in the short-run? Select
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