21 Jul SHOULD IT REMAIN OPEN IN THE SHORT RUN?
In the short run a perfectly com Show more (Frank 5th ed. Ch. 11 Problems #12; 4th ed. Ch. 11 Problems #12) In the short run a perfectly competitive firm produces output using capital services (a fixed input) and labour services (a variable input). At its optimal level of output where p = MC the marginal product of labour is equal to the average product of labour. a) What is the relationship at the optimal point between this firms average variable cost and its marginal cost? Explain. b) If the firm has 10 units of capital and the rental price of each unit of capital is $4 per day what will be the firms profit? Should it remain open in the short run? Explain. Show less
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