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1. Shrimp, SA is a small business that sells farm-raised shrimp. The market for farm-raised shrimp is perfectly competitive. The short- run total cost of
1. Shrimp, SA is a small business that sells farm-raised shrimp. The market for farm-raised shrimp is perfectly competitive. The short- run total cost of production is STC(Q) = 0.102 + 140 + 500, where Q is the number of pounds of shrimp sold. The prevailing market price is $ 30 per box of shrimp. al How many pounds should Shrimp, SA sell to maximize profit? b) Is Shrimp, SA having profits or losses? Calculate. c) if a firm is facing loses, when would you recommend them to shut down? Explain under which circumstances you would suggest the owner to shut down
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