The table below shows the daily costs of Cathy's Corn Stand. Cathy sells her corn cobs in a perfectly competitive market. Cathy's Corn Stand's Production Costs AVC (dollars) $1.90 1.70 1.55 1.50 1.50 1.60 1.70 1.80 Quantity (corn cobs) 20 30 40 Price (dollars) 50 60 70 80 90 4.5 a. Draw Cathy's marginal cost (MC) curve. Instructions: Use the tool 'MC' to plot the curve point by point (8 points total). 4.0 3.5 3.0 2.5 2.0 1.5 ATC (dollars) $4.40 1.0 3.37 2.80 2.50 2.33 2.31 2.33 2.36 Cathy's Corn Stand's Production Costs MC (dollars) $1.60 1.30 1.10 1.30 1.50 2.20 2.40 2.60 ATC AVC MC
The table below shows the daily costs of Cathy's Corn Stand. Cathy sells her corn cobs in a perfectly competitive market. Cathy's Corn Stand's Production Costs AVC (dollars) $1.90 1.70 1.55 1.50 1.50 1.60 1.70 1.80 Quantity (corn cobs) 20 30 40 Price (dollars) 50 60 70 80 90 4.5 a. Draw Cathy's marginal cost (MC) curve. Instructions: Use the tool 'MC' to plot the curve point by point (8 points total). 4.0 3.5 3.0 2.5 2.0 1.5 ATC (dollars) $4.40 1.0 3.37 2.80 2.50 2.33 2.31 2.33 2.36 Cathy's Corn Stand's Production Costs MC (dollars) $1.60 1.30 1.10 1.30 1.50 2.20 2.40 2.60 ATC AVC MC
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 3P
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