Given that this is zero economic profit, Bud should continue operating. economic cost function, we can conclude that this is an economic profit.

Given that this is zero economic profit, Bud should continue operating.

economic cost function, we can conclude that this is an economic profit.

P = 2.00

Q = 10,000

Q = 14,000

P = 16.80

Quantity demanded at the support price of $2.50 is:

QD = 1937.50707.5 bushels.

$1058.94 in consumer surplus.

Workers bear a greater burden of both the income and social security tax.

NEED 3 ANSWERS TO GET FULL CREDIT- Perfect information, particularly by buyers- Price takers- Homogeneous product- No barriers to entry- Large number of sellers

MR = MCT = MC1 = MC2