kayrez
Nov 2, 2011, 05:28 PM
Assume the market for apples is perfectly competitive.  Total output in the apple market is 5.1 million crates.  The price of a crate of apples is $27.65.  The average total cost of a crate of apples is $24.51.  Draw and label the graphs for the apple market and a typical firm in the apple market.  Is the apple market in long-run equilibrium?  Explain carefully.