(Table: Lilly's Apple Orchard) Look at the table Lilly's Apple Orchard.Lilly is the price-taking owner of an apple orchard; her variable costs are given in the table.Her orchard has fixed costs of $30.If the price of a bushel of apples is $80, how many bushels will Lilly produce? Is this a long-run equilibrium? If not, what will be the price of a bushel of apples in the long run? Show your work.
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Lilly should produce 7 bushels, b...
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