Business, 24.11.2020 19:20 Valentinavr

Assume that apples are produced in a perfectly competitive market. Grandeâs Orchard is a typical firm that grows and sells apples. Currently, Grande earns zero economic profit, and the market price of apples is $10 per bushel. a. Draw a correctly labeled graph showing Grandeâs demand curve, average total cost curve, and marginal cost curve, and show the profit-maximizing quantity, labeled QG.
b. Suppose an increase in the popularity of apple cider increases the demand for apples. How will the increase in the demand for apples affect Grandeâs economic profit in the short run? Explain.
c. What will happen to Grandeâs economic profit in the long run? Explain.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 17:00

During which of the following phases of the business cycle does the real gdp fall? a. trough b. expansion c. contraction d. peak

Answers: 2

Answer

Business, 22.06.2019 20:20

Trade will take place: a. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. b. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. c. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. d. none of the above.

Answers: 3

Answer

Business, 22.06.2019 20:20

Levine inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. direct materials (9 pounds at $1.80 per pound) $16.20 direct labor (6 hours at $14.00 per hour) $84.00 during the month of april, the company manufactures 270 units and incurs the following actual costs. direct materials purchased and used (2,500 pounds) $5,000 direct labor (1,660 hours) $22,908 compute the total, price, and quantity variances for materials and labor.

Answers: 2

Answer

Business, 22.06.2019 20:20

Digitalhealth electronics inc. is a company that builds diagnostic devices. it was the first company to develop a compact mri scanner by reconfiguring the components of the mri technology. this smaller and user-friendly version of the huge mri scanner created demand from small hospitals, nursing homes, and private practice doctors who were earlier dependent on the scanning machines in large hospitals. which of the following types of innovations does this scenario best illustrate? a. disruptive innovation b. incremental innovation c. radical innovation d. architectural innovation

Answers: 3

Answer

You know the right answer?

Assume that apples are produced in a perfectly competitive market. Grandeâs Orchard is a typical fir...

Questions