Rhonda's Mink Farm produced 900 mink last week. The marginal cost was $18 a mink, average variable cost was $18 a mink, and the market price was $23 a mink. Did Rhonda maximize profit? If Rhonda did not maximize profit and if nothing has changed, will she increase or decrease the number of mink she produces to maximize her profit this week? profit, so if nothing changes she will OA. maximizing; not change B. not maximizing; decrease C. maximizing; increase D. maximizing; decrease OE. not maximizing; increase Rhonda is 000 the number of mink she produces to maximize her profit this week.

Rhonda's Mink Farm produced 900 mink last week. The marginal cost was $18 a mink, average variable cost was $18 a mink, and the market price was $23 a mink. Did Rhonda maximize profit? If Rhonda did not maximize profit and if nothing has changed, will she increase or decrease the number of mink she produces to maximize her profit this week? profit, so if nothing changes she will OA. maximizing; not change B. not maximizing; decrease C. maximizing; increase D. maximizing; decrease OE. not maximizing; increase Rhonda is 000 the number of mink she produces to maximize her profit this week.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section12.1: What Are Costs?

Problem 1QQ

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