Output (tons of rice per year) 0 Total cost (dollars per ton) $1,000 $1,200 2 3 4 5 Based on the table above which shows Chip's costs, if rice sells for $800 a ton, Chip $1,600 $2,200 $3,000 $4,000 OA. earns an economic profit and should stay open in the short run. B. incurs an economic loss and should shut down in the short run. OC. earns an economic profit, but should shut down in the short run. OD. incurs an economic loss, but should stay open in the short run.

Output (tons of rice per year) 0 Total cost (dollars per ton) $1,000 $1,200 2 3 4 5 Based on the table above which shows Chip's costs, if rice sells for $800 a ton, Chip $1,600 $2,200 $3,000 $4,000 OA. earns an economic profit and should stay open in the short run. B. incurs an economic loss and should shut down in the short run. OC. earns an economic profit, but should shut down in the short run. OD. incurs an economic loss, but should stay open in the short run.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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