Please follow instructions and use all graphs. Show work. Thank you Below are two pairs of almond production cost curves showing technological change in irrigationfrom sprinkler to drip (C to D and E to F). Assume a market price of $60/unit. For each set ofcurves, label the curves and fill in the tables that indicates the profit-maximizing level of output(Q*), the marginal cost (MC), the average total cost (ATC), the total revenue (TR), the total cost(TC), the total profit (*), and, the average profit (Aл*) for each pair of costs curves. Make sureto draw the appropriate lines in the graphs and show your calculations (show your work) belowthe table.Cost Curves C & DPrice105100959085807570656055504540353025201510500CostCurvesCD5Price1015Q*сD20MC2530QuantityATC3540TR45TC5055મАл * Cost Curves E & FPrice10510095908580757065605550454035302520151050F0CostCurvesE5Price1015Q*20MC2530QuantityATC3540TR45TC5055teAT*

Optimal level of production is achieved at the point where marginal revenue equals marginal cost .…

Below are two pairs of almond production cost curves showing technological change in irrigation from sprinkler to drip (C to D and E to F). Assume a market price of $60/unit. For each set of curves, label the curves and fill in the tables that indicates the profit-maximizing level of output (Q*), the marginal cost (MC), the average total cost (ATC), the total revenue (TR), the total cost (TC), the total profit (*), and, the average profit (Ar*) for each pair of costs curves. Make sure to draw the appropriate lines in the graphs and show your calculations (show your work) below the table.

Below are two pairs of almond production cost curves showing technological change in irrigation from sprinkler to drip (C to D and E to F). Assume a market price of $60/unit. For each set of curves, label the curves and fill in the tables that indicates the profit-maximizing level of output (Q), the marginal cost (MC), the average total cost (ATC), the total revenue (TR), the total cost (TC), the total profit (), and, the average profit (Ar*) for each pair of costs curves. Make sure to draw the appropriate lines in the graphs and show your calculations (show your work) below the table.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter11: Price And Output Determination: Monopoly And Dominant Firms

Section: Chapter Questions

Problem 6E

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