Madeline owns an apple orchard, and she operates in a perfectly competitive industry. Here total costs...

Madeline owns an apple orchard, and she operates in a perfectly competitive industry. Here total costs of producing different quantities of apples are given in the table below. Use this information to answer the following 2 questions.

23. If a pound of apples sells for $0.60, what quantity of apple production maximizes Madeline’s profit? a. 0 b. 200 c. 400 d. 600 (24). If the price of a pound of apples falls to $0.30, what quantity of apple production maximizes Madeline’s profit, and what is her profit? a. 0; profit = negative $8 b. 200; profit = negative $10 c. 400; profit = negative $60 d. 600; profit = negative $170

Q	TC
0	8
100	50
200	70
300	120
400	180
500	250
600	350

Explain 34 (Explain ur reasoning as well )

Expert Solution

Rahul Sunny answered 2 years ago

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