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Author Question: Consider a firm with the following cost and revenue information: ATC = 8, AVC = 7, and MR = MC = 6 . ... (Read 28 times)

ericka1

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on: Jun 30, 2018
Consider a firm with the following cost and revenue information: ATC = 8, AVC = 7, and MR = MC = 6 . If the firm produces Q = 60 in the short run, it:
 a. is minimizing losses.
  b. makes a total loss of 60.
  c. should produce more output.
  d. is making a mistake and should shut down.
  e. is maximizing total profit.

Question 2

The price elasticity of demand between rifles and bullets is likely to be:
 a. negative, because the goods are complements.
  b. positive, because the goods are complements.
  c. negative, because the goods are substitutes.
  d. positive, because the goods are substitutes.


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cegalasso

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

d

Answer to Question 2

a


ericka1

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Reply #2 on: Jun 30, 2018
Thank you


cegalasso

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Reply #3 on: Jun 30, 2018
No problemo


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