A firm in a perfectly competitive industry knows the following about its costs and revenue. The firm would like to maximize profit and has hired
A firm in a perfectly competitive industry knows the following about its costs and revenue. The firm would like to maximize profit and has hired a consultant for advice. Price Q of Output Total Revenue Total Cost Total Fixed Cost P? Q? 7,200 TC? 3,900 Total Variable Cost Average Total Cost Average Variable Cost MC TVC? -J 4 9 Part 1. Price Number Part 2: Quantity Number Part 3. Total Cost Number Part 4. Total Variable Cost Number Part 5. What is the value of the profit or loss (-) at the current output ( include the - sign if it's a loss) Number Part 6. Consultant's Advice: As a consultant, what advice would you give to this firm:(Choose ONE answer from the
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