Homework Answers
Q47
Answer
Option 1
too little being produced
A firm produces at MR=MC to maximize profit and if the firm has
downward sloping demand then the production is too little like
monopoly or imperfect competitive firm. The firm charges a price
higher than the marginal cost.
=====
Q48
Answer
Option 1
continuing production
A firm produces if the P>AVC to minimize losses if the firm shut
down the losses is equal to fixed cost and if it operates then the
loss is less than fixed cost and equal to
=fixed cost -(AVC-P)*Q
so the firm should operate
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