Rose
growing is a perfectly

competitive industry and all growers have the same costs.

The market price of roses

is ​$29

a bouquet

and each grower maximizes profit by producing 1 comma 800

bouquets

a week.

Average total cost of producing roses

is ​$21

a bouquet

and average variable cost is ​$16

a bouquet

.

Minimum average variable cost is ​$8

a bouquet

.

Calculate each​ grower’s economic profit or loss in the short run.

In the short​ run, each grower is making an economic profit

of ​$nothing

a week.

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