For Each of the Following Cases,a)through D),you Are Given Certain

question 32

Essay

For each of the following cases,a)through d),you are given certain cost and price information for a competitive firm at its present output level.Assuming the short run and that marginal costs are increasing in all cases,indicate whether each firm should:
i)produce more
ii)produce less
iii)shut down
iv)cannot be determined from this information
a)minimum AVC exceeds price
b)TFC less than TR
c)MC exceeds price and price exceeds AVC
d)TC exceeds TR

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