Lilly is the price-taking owner of an apple orchard its


Lilly is the price-taking owner of an apple orchard; its 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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Microeconomics: Lilly is the price-taking owner of an apple orchard its
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