Here is information pertaining to a firm operating in a perfectly competitive market: Price $10.00 Output Total Revenue (TR) $8,000 Total Cost (TC) Total Fixed Cost (TFC) $2,800 Total Variable Cost...

Here is information pertaining to a firm operating in a perfectly competitive market:<br>Price<br>$10.00<br>Output<br>Total Revenue (TR)<br>$8,000<br>Total Cost (TC)<br>Total Fixed Cost (TFC)<br>$2,800<br>Total Variable Cost (TVC)<br>Average Total Cost (ATC)<br>$12.00<br>Average Variable Cost (AVC) Minimum<br>Marginal Cost (MC)<br>Based off of the provided information answer the following 3 questions:<br>What is the firm's average variable cost (AVC)? What is the firm's marginal cost (MC)?<br>Should the firm decrease production or shut down in the short run?<br>O $8.5; 8.5; shut down<br>$8.5; $8.5; shut down<br>$8.5; $8.5; increase production<br>None of the available answers<br>$8; $8; decrease production<br>

Extracted text: Here is information pertaining to a firm operating in a perfectly competitive market: Price $10.00 Output Total Revenue (TR) $8,000 Total Cost (TC) Total Fixed Cost (TFC) $2,800 Total Variable Cost (TVC) Average Total Cost (ATC) $12.00 Average Variable Cost (AVC) Minimum Marginal Cost (MC) Based off of the provided information answer the following 3 questions: What is the firm's average variable cost (AVC)? What is the firm's marginal cost (MC)? Should the firm decrease production or shut down in the short run? O $8.5; 8.5; shut down $8.5; $8.5; shut down $8.5; $8.5; increase production None of the available answers $8; $8; decrease production

Jun 10, 2022

SOLUTION.PDF

Here is information pertaining to a firm operating in a perfectly competitive market: Price $10.00 Output Total Revenue (TR) $8,000 Total Cost (TC) Total Fixed Cost (TFC) $2,800 Total Variable Cost...

Get Answer To This Question

Related Questions & Answers

Submit New Assignment