You own four firms that produce different products. The following table summarizes the conditions ineach firm.FimMRTRTCMCATCAVCA1122020200529.3001002501.52.5C200503502D580107056Refer to the table above and make one of the following four decisions regarding operations in each firm.Briefly explain each decision to receive full credit.A) Which firm should shut down in the short-run? Briefly explain.a) Fim Ab) Firm Cc) Firm Dd) Firm BB) Which firm should increase its output to maximize profit in the short-run? Briefly explain.a) Firm Bb) Fim Dc) Fim Ad) Firm CC) Which firm should decrease its output to maximize profit in the short-run? Briefly explain.a) Firm Bb) Firm Ac) Firm Cd) Firm DD) Which firm should keep the output the same in the short-run? Briefly explain.a) Firm Bb) Firm Ac) Fim Cd) Firm D+

In the given table, cost and revenue functions of four firms are given according to which firms will…

You own four firms that produce different products. The following table summarizes the conditions in each firm. Fim MR TR TC MC ATC AVC A. 11 220 20 200 2. 300 100 250 1.5 2.5 4 200 50 350 5 80 10 70 5 Refer to the table above and make one of the following four decisions regarding operations in each fim. Briefly explain each decision to receive full credit. A) Which firm should shut down in the short-run? Briefly explain. a) Firm A b) Fim C c) Fim D d) Fim B B) Which firm should increase its output to maximize profit in the short-run? Briefly explain. a) Firm B b) Firm D c) Firm A d) Firm C C) Which fim should decrease its output to maximize profit in the short-run? Briefly explain. a) Firm B b) Fim A c) Fim C d) Fim D D) Which fim should keep the output the same in the short-run? Briefly explain. a) Firm B b) Firm A c) Firm C d) Firm D +)

You own four firms that produce different products. The following table summarizes the conditions in each firm. Fim MR TR TC MC ATC AVC A. 11 220 20 200 2. 300 100 250 1.5 2.5 4 200 50 350 5 80 10 70 5 Refer to the table above and make one of the following four decisions regarding operations in each fim. Briefly explain each decision to receive full credit. A) Which firm should shut down in the short-run? Briefly explain. a) Firm A b) Fim C c) Fim D d) Fim B B) Which firm should increase its output to maximize profit in the short-run? Briefly explain. a) Firm B b) Firm D c) Firm A d) Firm C C) Which fim should decrease its output to maximize profit in the short-run? Briefly explain. a) Firm B b) Fim A c) Fim C d) Fim D D) Which fim should keep the output the same in the short-run? Briefly explain. a) Firm B b) Firm A c) Firm C d) Firm D +)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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