Compute farmer dorrs schedules of average cost marginal

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Reference no: EM13455536

Farmer Dorr figures that her fixed costs are $2,000, and the relevant portion of her total cost curve is:

Thousands of Total Cost

Bushels (in thousands of dollars)

10 10.70

11 11.45

12 12.25

13 13.10

14 14.00

15 15.00

16 16.10

17 17.32

18 18.75

19 20.30

a) Calculate Farmer Dorr's schedules of average cost, marginal cost, total variable cost, and average variable cost.

b) If Farmer Dorr is a perfect competitor, what level of output should she produce, if the market price is:

(i) $1.50

(ii) $1.00

(iii) $0.92

(iv) $0.82

Reference no: EM13455536

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