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Produce or shut down in the short run?

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November 15th, 2022

A) At a product price of $56, will this firm produce in the short-run? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing out? What economic profit or loss will the firm realize per unit of output?
B) Answer the questions of 4a assuming product price is $41.
C) Answer the question of 4a assuming product price is $32
D) In the table below, complete the short-run supply schedule for the firm (column 1 and 2) and indicate the profit or loss incurred at each out (column 3).

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