Refer to Figure 13-7. Which of the following statements describes the best course of action for the firm depicted in the diagram?
A) The firm should exit the industry because its price is less than its average total cost.
B) The firm should minimize its losses by producing Qy units and charging a price of P0.
C) The firm should minimize its losses by producing Qy units and charging a price of P1.
D) The firm should minimize its losses by producing Qy units and charging a price of P2.
Question 2
An avocado orchard employs five full-time workers. Currently, the average product of labor is 120 pounds of avocados per day. The orchard hires a 6th full-time worker and his marginal product is 150 pounds of avocados.
The average product of the six workers will now be
A) equal to 120 pounds. B) greater than the marginal product of labor.
C) more than 120 pounds. D) less than 120 pounds.
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