Poinsettia growing is perfectly competitive industry

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Poinsettia growing is a perfectly competitive industry and all growers have the same costs. The market price of Poinsettia is $27 a pot and each grower maximizes profit by producing 1400 pots a week. Average total cost of producing Poinsettias is $20 a pot and average variable cost is $15 a pot. Minimum average variable cost is $7a pot. Calculate each grower's economic profit or loss in the short run.

Reference no: EM131240759

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