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AP Micro/Econ Homework Question?
Using the picture below how would I solve these questions?
1. Assuming it is appropriate for the firm to produce in the short run, what is the firm's profit maximizing output?
2. Calculate the firm's total revenue.
3. Calculate the firm's total cost.
4. Calculate the firm's profit or loss.
5. If AVC were $22 at the profit-maximizing level of output, would the firm produce in the short run? Why or why not.
- OiyLv 72 months ago
1. it will produce 6 units at the price of $20.
5. the firm would leave because the price is under AVC. It cannot cover the fixed cost.