Ameera's flower shop is a profit-maximizing, competitive firm. Ameera sells flower baskets for $27 each. Her total cost each day is $280, of which $30 is a fixed cost. She sells 10 flower baskets a day. What should be Ameera's short-run decision concerning shutdown and her long-run decision concerning exit and why?

Ameera's flower shop is a profit-maximizing, competitive firm. Ameera sells flower baskets for $27 each. Her total cost each day is $280, of which $30 is a fixed cost. She sells 10 flower baskets a day. What should be Ameera's short-run decision concerning shutdown and her long-run decision concerning exit and why?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 2PA

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Charlies's lawn-mowing service is a profit-maximizing.competitive firm. Bob mous lawns for $27 each. His total cost each day is $280, of which $30 is a fixed cost. He mows 10 lawns a day. What can you say about Charlies's short-run decision regarding shutdown and his long-run decision regarding exit?
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Table 14-14 The following table presents cost and revenue information for Bob's bakery production and sales. 13 Quantity Total Cost Cost $5.00 $5.50 $6.50 $8.00 $10.00 $12.50 $15.50 $19.00 $23.00 10 QUESTION 20 6 8 Marginal QUESTION 21 --- Price $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 $3.25 Total Revenue Refer to Table 14-14. What is the marginal revenue of the 4th unit? O a. $13.00 b. $2.00 c. $10.00 d. $3.25 The average-total-cost curve intersects a. marginal cost at the minimum of marginal cost. b. marginal cost at the minimum of average total cost. c. average fixed cost at the minimum of average total cost. d. average variable cost at the minimum of average total cost. Marginal Revenue -
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