#29 econ class

Firms A through G are small, perfectly competitive businesses located in perfectly competitive markets throughout the country. Each of the small firms A through G operates in its own perfectly competitive market. You are an undergraduate student doing economics research on whether small perfectly competitive businesses are maximizing their short run profits. You have requested and received data from each firm as shown in the table below with the understanding that you will let each firm know whether it is maximizing short run profits (or minimizing it's short run losses). Unfortunately, the data are incomplete so you must first fill in the missing information. Complete each column, providing numerical values based on information provided by that firm (that is, use data within the column to calculate missing values). Do not leave any cells without numerical values and do not use data from one column (for example, column A) to fill in missing data in a different column. After completing the data, review it to answer the question below. Which of these firms, if any, should increase its product price? Firm A B C D E F G $0.50 $3.50 Price $3.00 35,00 Output BOD 750 1000 TR $500.00 | $300.00 $2800-00 51800.00 $4000.DO $525.00 $2625.60 |$2975.00 TFC 51260.00 IVC $300.00 $2450.00 $3090.00 ATC $0.40 Minimum $5.30 25150 (Calculate the value AVC 51.20 $2.00 MC $0. 40 154.00 $3.50 59. 19 O al Firm A only because its price is much lower than the prices charged by the other firms in their respective markets (Obj Firm B only because it must have revenues sufficient to pay total variable costs. Old Firms B. D. F. and G because they are making losses at their current product prices. ()d) None should increase its price perfectly competitive firms get no advantage