9. You are given the following cost data: TFC TVC 12 12 5 2 12 9 3 12 14 4 12 20 5 12 28 12 38 If the price of output is $7, how many units of output will this firm produce? What is the total revenue? What is the total cost? Will the firm operate or shut down in the short run? in the long run? Briefly explain your answers.

9. You are given the following cost data: TFC TVC 12 12 5 2 12 9 3 12 14 4 12 20 5 12 28 12 38 If the price of output is $7, how many units of output will this firm produce? What is the total revenue? What is the total cost? Will the firm operate or shut down in the short run? in the long run? Briefly explain your answers.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 8P

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