I think the correct answer is $1 because that is the only fixed cost, and they will not be charged any variable costs. Is this correct? Question 9.12Homework • AnsweredCalculate the economic losses for Firm 1 if they decide not to produce -$____.Firm 2Firm 1Output = 10Average fixed cost = $1Average variable cost = $2Price = $1.50Output = 20Average fixed cost = $6Average variable cost = $8Price = $9%3DType your numeric answer and submitAnsweredChange your responses to resubmitA Resubmit

Here, given information about firm 1 is: Output: 10 Average fixed cost: $1 Average variable cost:…

Calculate the economic losses for Firm 1 if they decide not to produce -$_ 用目 Firm 2 Firm 1 Output = 10 Average fixed cost = $1 Average variable cost = $2 Price = $1.50 Output = 20 Average fixed cost = $6 Average variable cost = $8 Price = $9 %3D %3D Type your numeric answer and submit

Calculate the economic losses for Firm 1 if they decide not to produce -$_ 用目 Firm 2 Firm 1 Output = 10 Average fixed cost = $1 Average variable cost = $2 Price = $1.50 Output = 20 Average fixed cost = $6 Average variable cost = $8 Price = $9 %3D %3D Type your numeric answer and submit

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 23RQ: Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost,...

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