Please help with b. $32 is incorrect. :( The table below shows the daily costs of Corny's Corn Cobs. Corny's sells corn by the dozen in a purely competitive market. Themarket price is $6.50 for a dozen ears of corn.Corny's Corn CobsQuantityAVCATCMC(Dozens of Ears)($)($)($)8.5.0012.502.50114.5010.003.30134.609.205.00154.708.805.70164.908.606.50185.108.507.40195.308.508.00205.508.509.50 Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. Enter a loss as anegative (-) number.a. In the short run, if Corny's wants to maximize profits, how much corn should it produce?16dozen ears of corn per dayb. Assuming that Corny's produces in the short run, what will Corny's profit or loss be per day?32* per day%24

Answer: (b). From part (a) it is known that the profit-maximizing quantity of corn is 16 dozen ears…

Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. Enter a loss as a negative (-) number. a. In the short run, if Corny's wants to maximize profits, how much corn should it produce? 16 O dozen ears of corn per day b. Assuming that Corny's produces in the short run, what will Corny's profit or loss be per day? $ 32 8 per day

Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. Enter a loss as a negative (-) number. a. In the short run, if Corny's wants to maximize profits, how much corn should it produce? 16 O dozen ears of corn per day b. Assuming that Corny's produces in the short run, what will Corny's profit or loss be per day? $ 32 8 per day

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 7SCQ: If new technology in a perfectly competitive market brings about a substantial reduction in costs of...

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