Total cost and total revenue information for perfectly

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Reference no: EM13259901

The table in this question shows total cost and total revenue information for a perfectly (or purely) competitive firm.

Quantity Total Cost Total Revenue

0 500 0

1 600 135

2 710 270

3 830 405

4 960 540

5 1100 675

6 1250 810

7 1410 945

8 1580 1080

9 1760 1215

10 1950 1350

1) Firms earning a loss will sometimes shut down in the short run. What will the profits be if this firm shuts down? $________

2) What quantity will the firm produce if it shuts down in the short run? _______Units

3) Firms sometimes prefer to minimize losses by continuing to operate in the short run. If this firm chooses to operate, what will the profit equal? (enter a negative number for a loss) $________

4) What quantity will the firm produce to minimizes losses in the short run? _______Units

Reference no: EM13259901

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