Output Price FC VC TC TR Profit/Loss 0 $100 $100 $ 0 ____ ____ ________ 1 90 ____ 50 ____ ____ ________ 2 80 ____ 90 ____ ____ ________ 3 70 ____ 150 ____ ____ ________ 4 60 ____ 230 ____ ____ ________ 5 50 ____ 330 ____ ____ ________ 6 40 ____ 450 ____ ____ ________ 7 30 ____ 590 ____ ____ ________
A
Output
0 $100 $100 $ 0 ____ ____ ________
1 90 ____ 50 ____ ____ ________
2 80 ____ 90 ____ ____ ________
3 70 ____ 150 ____ ____ ________
4 60 ____ 230 ____ ____ ________
5 50 ____ 330 ____ ____ ________
6 40 ____ 450 ____ ____ ________
7 30 ____ 590 ____ ____ ________
- What is the highest profit or lowest loss available to this firm?
- Should this firm operate or shut down in the short run? Why?
- What is the relationship between marginal revenue and marginal cost as the firm increases output?
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