Table 8.1 Q 0 1 2 3456 3 4 6 7 8 9 10 MC $30 20 30 40 50 60 70 80 90 100 ATC $230 125.00 93.33 80.00 74.00 71.67 71.43 72.50 74.44 77.00 AVC Produce an output of 5 and earn a negative economic profit Shutdown and produce nothing Produce an output of 5 and earn a positive economic profit Produce an output of 6 and earn a positive economic profit -11 $130 75.00 60.00 55.00 54.00 55.00 57.14 60.00 63.33 67.00 Refer to table 8.1. If the competitive market price for kale is $51, what will the firm do in the short-run?

Table 8.1 Q 0 1 2 3456 3 4 6 7 8 9 10 MC $30 20 30 40 50 60 70 80 90 100 ATC $230 125.00 93.33 80.00 74.00 71.67 71.43 72.50 74.44 77.00 AVC Produce an output of 5 and earn a negative economic profit Shutdown and produce nothing Produce an output of 5 and earn a positive economic profit Produce an output of 6 and earn a positive economic profit -11 $130 75.00 60.00 55.00 54.00 55.00 57.14 60.00 63.33 67.00 Refer to table 8.1. If the competitive market price for kale is $51, what will the firm do in the short-run?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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