Question: Hello, kindly provide answer with the reasoning behind it please. Thanks! |:> 13. Max is Ben's son, so only sometimes follows Ben's advice. Max operates

Hello, kindly provide answer with the reasoning behind it please. Thanks!

Hello, kindly provide answer with the reasoning behind it please. Thanks! |:>13. Max is Ben's son, so only sometimes follows Ben's advice. Max

|:> 13. Max is Ben's son, so only sometimes follows Ben's advice. Max operates a profit maximizing firm. Max remains in the market despite losing money and sells its product for $200. We know: Max's average total cost must be less than $200 Max's average fixed cost must be less than $200 Max's average variable cost must be less than $200 Max's marginal cost must be increasing Max's marginal cost must be decreasing |:> 14. If Jenny's short-run marginal cost of producing Widgets is $30 for the first 100 units and $40 for each additional Widget past 100, in the short run when facing a market price of $36 per Widget, in order to maximize profits Jenny will produce the amount of widgets where the marginal cost equals the marginal revenue due to facing constant returns to scale, produce as many widgets as possible continue producing up to the point where Jenny's average cost is $36 not produce any widgets since the marginal costs of producing widgets are increasing produce exactly 100 widgets

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