Use the following to answer questions : $\text { Table: Lilly's Apple Orchard }$
$\begin{array}{lr}
\hline \begin{array}{l}
\text { Quantity } \
\text { of Apples } \
\text { (bushels) }
\end{array} &{\boldsymbol{VC}} \
\hline 0 & \$ 0 \
1 & 40 \
2 & 70 \
3 & 80 \
4 & 130 \
5 & 190 \
6 & 260 \
7 & 340 \
8 & 430 \
\hline
\end{array}$

-(Table: Lilly's Apple Orchard)Use Table: Lilly's Apple Orchard.Lilly is the price-taking owner of an apple orchard.Her orchard has fixed costs of $30.If the price of a kilogram of apples is $35,at the profit-maximizing point,her economic profit will be:

Question

Use the following to answer questions : $\text { Table: Lilly's Apple Orchard }$
$\begin{array}{lr}
\hline \begin{array}{l}
\text { Quantity } \
\text { of Apples } \
\text { (bushels) }
\end{array} &{\boldsymbol{VC}} \
\hline 0 & \$ 0 \
1 & 40 \
2 & 70 \
3 & 80 \
4 & 130 \
5 & 190 \
6 & 260 \
7 & 340 \
8 & 430 \
\hline
\end{array}$

-(Table: Lilly's Apple Orchard)Use Table: Lilly's Apple Orchard.Lilly is the price-taking owner of an apple orchard.Her orchard has fixed costs of $30.If the price of a kilogram of apples is $35,at the profit-maximizing point,her economic profit will be:

Quizplus · Accepted Answer

To find the profit-maximizing point, calculate total cost (TC = VC + FC) and total revenue (TR = price * quantity). Compare TR and TC to find the economic profit. At 3 bushels, TR = $105, TC = $110, resulting in a profit of -$5.

Use the Following to Answer Questions Table: Lilly’s Apple Orchard \text { Table: Lilly's Apple Orchard } Table: Lilly’s Apple Orchard

Use the Following to Answer Questions $\text { Table: Lilly's Apple Orchard }$