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Consider the following data: equilibrium price = $10, quantity of output produced = 100 units, ...

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Consider the following data: equilibrium price = $10, quantity of output produced = 100 units, ...

Consider the following data: equilibrium price = $10, quantity of output produced = 100 units, average total cost = $13, and average variable cost = $7. What will the firm do and why?

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Shut down in the short run, because it is taking a loss of $200.

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Continue to produce in the short run, because price is greater than average variable cost.

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Shut down in the short run, because average variable cost is less than average total cost.

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Continue to produce in the short run, because firms are always stuck with having to produce in the short run.

Textbook

Economics

Edition: 12^th

Author: Arnold

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dmahr

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More solutions for this book are available here

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aryaelfkind Author

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7 months ago

I appreciate what you did here, answered it right Smiling Face with Open Mouth

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Thanks for your help!!

Danivalda

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this is exactly what I needed

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