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Economics

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You may provide your answers on this document or in a separate one. Round decimals to 2 digits. 1. Jane makes strawberry jam in the perfectly strawberry jam market in Franklin, Tennessee. The table below illustrates her cost of producti Vutput is measured in jars. a) Complete the table showing Jane's average total cost (ATC), average variable cost (AVC), and marginal cost (MC) b) Suppose the equilibrium price per jar in the strawberry market is $10. How many jars of jam should Jane produce? c) At this price, will Jane carn positive or negative economic profits? d) If next week the equilibrium price of strawberry jam drops to $5 per jar, should Jane shut down? Explain. e) If Jane did not shut down in the short run how much money would she lose producing 5 jars at the price of $5 dollars? 1) If Jane did shut down how much money would she lose? ATC AVC MC Output per day 0 1 2 3 4 5 6 7 8 9 10 TC 20.00 27.00 33.50 39.50 45.00 50.00 56.00 63.00 71.00 80.00 90.00