I think the correct answer is $1 because that is the only fixed cost, and they will not be charged any variable costs. Is this correct? ### Question 9.12**Homework • Answered**Calculate the economic losses for Firm 1 if they decide not to produce: -$____.**Firm 1** - Output: 10 - Average fixed cost: $1 - Average variable cost: $2 - Price: $1.50 **Firm 2** - Output: 20 - Average fixed cost: $6 - Average variable cost: $8 - Price: $9 Type your numeric answer and submit:[Answer Box: 6]**Answered**

Here, given information about firm 1 is: Output: 10 Average fixed cost: $1 Average variable cost:…

Calculate the economic losses for Firm 1 if they decide not to produce -$_ 用目 Firm 2 Firm 1 Output = 10 Average fixed cost = $1 Average variable cost = $2 Price = $1.50 Output = 20 Average fixed cost = $6 Average variable cost = $8 Price = $9 %3D %3D Type your numeric answer and submit

Calculate the economic losses for Firm 1 if they decide not to produce -$_ 用目 Firm 2 Firm 1 Output = 10 Average fixed cost = $1 Average variable cost = $2 Price = $1.50 Output = 20 Average fixed cost = $6 Average variable cost = $8 Price = $9 %3D %3D Type your numeric answer and submit

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I think the correct answer is $1 because that is the only fixed cost, and they will not be charged any variable costs. Is this correct?

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