Perfectly Competitive Business Decisions: Orange Juice
In the perfectly competitive market for orange juice
concentrate the current market price is $2.19 per gallon.
a. A firm will maximize profits when its Marginal Costs per
gallon are $__
b. Favorable conditions produce a record high harvest yield.
We would expect the short-term market price per gallon to ___.
c. An unexpected deep freeze lowers the harvest yield. We
would expect the short-term market price per gallon to ___.
d. Following such a freeze, in the short term, what should
an individual firm do regarding its Marginal Costs to maximize its profits?
e. Labor costs go up, but market price stays at $2.19 per
gallon. What will the firm need to do relative to the size of its workforce in
order to maximize its profits?
Perfectly Competitive Business Decisions: Orange Juice
In the perfectly competitive market for orange juice
concentrate the current market price is $2.19 per gallon.
a. A firm will maximize profits when its Marginal Costs per
gallon are $__
b. Favorable conditions produce a record high harvest yield.
We would expect the short-term market price per gallon to ___.
c. An unexpected deep freeze lowers the harvest yield. We
would expect the short-term market price per gallon to ___.
d. Following such a freeze, in the short term, what should
an individual firm do regarding its Marginal Costs to maximize its profits?
e. Labor costs go up, but market price stays at $2.19 per
gallon. What will the firm need to do relative to the size of its workforce in
order to maximize its profits?
Perfectly Competitive Business Decisions: Orange Juice
In the perfectly competitive market for orange juice
concentrate the current market price is $2.19 per gallon.
a. A firm will maximize profits when its Marginal Costs per
gallon are $__
b. Favorable conditions produce a record high harvest yield.
We would expect the short-term market price per gallon to ___.
c. An unexpected deep freeze lowers the harvest yield. We
would expect the short-term market price per gallon to ___.
d. Following such a freeze, in the short term, what should
an individual firm do regarding its Marginal Costs to maximize its profits?
e. Labor costs go up, but market price stays at $2.19 per
gallon. What will the firm need to do relative to the size of its workforce in
order to maximize its profits?
Perfectly Competitive Business Decisions: Orange Juice
In the perfectly competitive market for orange juice
concentrate the current market price is $2.19 per gallon.
a. A firm will maximize profits when its Marginal Costs per
gallon are $__
b. Favorable conditions produce a record high harvest yield.
We would expect the short-term market price per gallon to ___.
c. An unexpected deep freeze lowers the harvest yield. We
would expect the short-term market price per gallon to ___.
d. Following such a freeze, in the short term, what should
an individual firm do regarding its Marginal Costs to maximize its profits?
e. Labor costs go up, but market price stays at $2.19 per
gallon. What will the firm need to do relative to the size of its workforce in
order to maximize its profits?
