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QUESTION
Lilly is the price-taking owner of an apple orchard; her AVC, ATC and MC are shown in the graph. If the price of a bushel of apples falls to $28, how...
Lilly is the price-taking owner of an apple orchard; her AVC, ATC and MC are shown in the graph. If the price of a bushel of apples falls to $28, how many bushels will Lilly produce? What is her short-run profit (show your work – formula, followed by numbers in the formula, and followed by numeric answer)? What will Lilly do in the long-run if the price continues to be $28?
