Question

lilly is the price-taking owner of an apple orchard; its variable costs are given in the table. her orchard has fixed costs of $30. if the price of a bushel of apples is $85, we would expect total industry output to:

Answer 1

Take a look at Lilly's Apple Orchard's table. Lilly is the price-taking proprietor of an orchard; the table shows the orchard's variable costs. Her orchard has a set price of $30. If a bushel of apple costs $85, we predict total industry productivity to climb but Lilly's output falls in the long run.