**Table EX2.1: Economic Analysis for Firm Decision-Making**- **P\* (Price):** $4.50- **Q\* (Quantity):** 1,000.00- **TFC (Total Fixed Cost):** $250.00- **AVC (Average Variable Cost):** $4.25**Decision Prompt:**Refer to Table EX2.1. This firm should _______ the industry.**Options:**- ○ Remain in- ○ No answer text provided.- ○ Leave- ○ No answer text provided. **Table 1B: Price and Quantity Changes**- **Before:** - Price: $5.00 - Quantity: 30- **After:** - Price: $4.00 - Quantity: 40---**Refer to Table 1B. Price Elasticity of Demand is about:**- ○ 1.657- ○ No answer text provided.- ○ 1.667- ○ No answer text provided.

Price: It refers to the cost of goods and services the economy. The more is the price of the goods…

Answered: P* = $4.50 Q* = 1,000.00 TFC = $250.00…

Business

Economics

P* = $4.50 Q* = 1,000.00 TFC = $250.00 %3D AVC = $4.25 Refer to Table EX2.1. This firm should the industry.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

**Table EX2.1: Economic Analysis for Firm Decision-Making**

- **P\* (Price):** $4.50
- **Q\* (Quantity):** 1,000.00
- **TFC (Total Fixed Cost):** $250.00
- **AVC (Average Variable Cost):** $4.25

**Decision Prompt:**

Refer to Table EX2.1. This firm should _______ the industry.

**Options:**
- ○ Remain in
- ○ No answer text provided.
- ○ Leave
- ○ No answer text provided.

**Table 1B: Price and Quantity Changes**

- **Before:**
- Price: $5.00
- Quantity: 30

- **After:**
- Price: $4.00
- Quantity: 40

---

**Refer to Table 1B. Price Elasticity of Demand is about:**

- ○ 1.657
- ○ No answer text provided.
- ○ 1.667
- ○ No answer text provided.

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