3. Refer to the data on the right. A. Solve for variable cost (VC). B. Assume the selling price is P119. Solve for total revenue and profit C. What is Q*? Justify your answer- D. Should the producer continue producing or shutdown? Briefly explain.

3. Refer to the data on the right. A. Solve for variable cost (VC). B. Assume the selling price is P119. Solve for total revenue and profit C. What is Q*? Justify your answer- D. Should the producer continue producing or shutdown? Briefly explain.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section22.2: Perfect Competition In The Short Run

Problem 2ST

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Question

Please answer quickly. I really need it asap. Thank you

3. Refer to the data on the right.
A. Solve for variable cost (VC).
B.
Assume the selling price is P119.
Solve for total revenue and profit.
C. What is Q*? Justify your answer.
D. Should the producer continue
producing or shutdown? Briefly
explain.
TP
0
1
2
3
4
5
6
7
8
9
10
11
TC
238
475
608
703
770
855
950
1,069
1,207
1,387
1,663
2,066
VC
TR
Profit

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