Table 8.1Q012345634678910MC$302030405060708090100ATC$230125.0093.3380.0074.0071.6771.4372.5074.4477.00AVCProduce an output of 5 and earn a negative economic profitShutdown and produce nothingProduce an output of 5 and earn a positive economic profitProduce an output of 6 and earn a positive economic profit-11$13075.0060.0055.0054.0055.0057.1460.0063.3367.00Refer to table 8.1. If the competitive market price for kale is $51, what will the firmdo in the short-run?

A perfectly competitive firm is a price taker, this implies a competitive firm takes the price…

Answered: Refer to table 8.1. If the competitive…

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Refer to table 8.1. If the competitive market price for kale is $51, what will the firm do in the short-run?

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Chapter1: Making Economics Decisions

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Question

Table 8.1
Q
0
1
2
3456
3
4
6
7
8
9
10
MC
$30
20
30
40
50
60
70
80
90
100
ATC
$230
125.00
93.33
80.00
74.00
71.67
71.43
72.50
74.44
77.00
AVC
Produce an output of 5 and earn a negative economic profit
Shutdown and produce nothing
Produce an output of 5 and earn a positive economic profit
Produce an output of 6 and earn a positive economic profit
-11
$130
75.00
60.00
55.00
54.00
55.00
57.14
60.00
63.33
67.00
Refer to table 8.1. If the competitive market price for kale is $51, what will the firm
do in the short-run?

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