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1a. A firm will continue producing in the short run even if it is making a loss, providing it can cover its variable costs. Explain

1a. A firm will continue producing in the short run even if it is making a loss, providing it can cover its variable costs. Explain why. Just how long will it be willing to continue making such a loss?

1b. Would it ever be worthwhile for a firm to try to continue in production if it could not cover its long-run average (total) costs?

State the source thank you

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