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Author Question: If a manufacturer shuts down in the short run, it must be true that before the shutdown, at all ... (Read 159 times)

crazycityslicker

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on: Jun 30, 2018
If a manufacturer shuts down in the short run, it must be true that before the shutdown, at all positive output levels,
 a. average total cost was less than average variable cost
  b. fixed cost was greater than total revenue
  c. variable cost was greater than total revenue
  d. profit was zero
  e. total cost plus total revenue was less than profit

Question 2

Eli Whitney III receives a patent for the rayon gin, a product for which there are no close substitutes. Eli will maximize his profit when
 a. MR is maximized
  b. MR = MC
  c. MR > MC
  d. MR < MC
  e. P = MR > MC


pikon

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Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

B


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crazycityslicker

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Reply #2 on: Jun 30, 2018
Thank you


pikon

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Reply #3 on: Jun 30, 2018
No problemo


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