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Loraine Loraine
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8 years ago
John keeps beehives and sells 100 quarts of honey per month. The honey market is perfectly competitive, and the price of a quart of honey is $10. John has an average variable cost of $5 and an average fixed cost of $3. At 100 quarts per month, John's marginal cost is $10.
a.   Is John maximizing his profit? If not, what should John do?
b.   Calculate John's total revenue, total cost, and total economic profit or economic loss when he produces 100 quarts of honey.
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
Authors:
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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
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SmooothSmoooth
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Don't mention it Happy Dummy
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Thank you!
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thanks for info
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