Please indicate the right answer and explain why. Thank you!
Homework Answers
P= $21
MC = $10
AVC =$19
Because P>AVC , so Walt will continue to produce and will not shut down.
And P>MC , this implies that Walt is not maximizing profit (because profit maximization condition is where P=MC) , so if nothing changes he will increase the number of fish he produces to maximize his profit last week (because as the production increases , MC rises , as a result P=MC).
Hence, option(C) is correct.
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