Each firm in the following table operates in a market of perfect competition and wants to maximize its profit or minimizes its loss. Case P Q TR TC TFC TVC ATC AVC MC # 1 #2 $3.00 2000 #3 2000 $8000 $2000 $5000 O increase output. decrease output, but not shut down. O shut down. What do you recommend to the firm in case #3? maintain its current rate of output $3000 $5000| $1000 $3.00 $4.00 $4.00 $3.50 $3.00 $2.50

Each firm in the following table operates in a market of perfect competition and wants to maximize its profit or minimizes its loss. Case P Q TR TC TFC TVC ATC AVC MC # 1 #2 $3.00 2000 #3 2000 $8000 $2000 $5000 O increase output. decrease output, but not shut down. O shut down. What do you recommend to the firm in case #3? maintain its current rate of output $3000 $5000| $1000 $3.00 $4.00 $4.00 $3.50 $3.00 $2.50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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