The table below represents the cost function of a poultry farm. The price of a crate of egg is $21. Use the information contained in the table to answer the...
Question 1 Report
The table below represents the cost function of a poultry farm. The price of a crate of egg is $21. Use the information contained in the table to answer the questions that follow.
| Quantity of eggs (in crates) | Total cost (in $) |
| 0 | 50 |
| 1 | 55 |
| 2 | 62 |
| 3 | 75 |
| 4 | 96 |
| 5 | 125 |
| 6 | 162 |
| 7 | 203 |
| 8 | 248 |
(a) What Is the fixed cost of the farm? (2 marks]
(b)(i) Calculate the marginal cost at each level of output. [9 marks]
(ii) What is the profit maximizing output of the farm? [3 marks]
(c) Draw the demand curve for the farm. [6 marks].
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