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The price of apples is $10 a bucket. Three competitive apple farmers, J, G, and M, face different cost conditions: Briefly discuss your results.
Total Cost (thousands of dollars)
Thousands of Buckets
J
G
M
10
100
275
50
20
200
335
125
30
300
400
225
40
470
350
500
545
60
600
625
675
70
700
710
875
80
800
1100
a) For each farmer, calculate the marginal cost at each output level.
b) Describe in words the difference between the cost schedules of the three farmers.
c) What are the profit-maximizing output levels of the three farmers, and what are their profits at those outputs?
d) Explain the differences and/or similarities in the outputs and profits of the three farmers.
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