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How much profit does the farmer make

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Reference no: EM132338332

 

Question

Suppose a fish farm has the following marginal cost schedule:

Baskets per hour

Marginal Cost Total Cost

1 $5 $15

2 $7 $22

3 $9 $31

4 $13 $44

5 $17 $61

6 $25 $86

7 $32 $118

(a) How many baskets of fish should be harvested at market prices of

i. $7

ii. $13

iii. $25

(b) How much profit does the farmer make at each of these prices in (a)?

 

Reference no: EM132338332

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