Suppose you are a management consultant to a number of firms that each operate in a...

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Suppose you are a management consultant to a number of firms that each operate in a perfectly competitive market. Your job is to recommend a future short-run course of action for each of the firms, based on their current position. Below you will find a table that has information for five of these firms as they are now operating. Notice that some of the information you need to make your recommendation is missing. Deduce the values for the missing information and make your recommendation for each of these firms. Note: If a number appears in bold italic type, then you may assume that at the current level of output, that number is the minimum over all levels of output for the particular category. (This is a HINT!) Firm 1 2 3 4 5 6 Market Price ($) 26.00 .60 4.50 7.50 200 1.75 Current TFC Quantity ($) 7,000 800 20 4,000 2,800 60 800 TVC ($) 8,400 480 4,375 6,000 TC ($) 5,600 6,000 7,000 AVC ($) 14.00 .40 4.00 ATC ($) 19.00 9.50 1.75 MC ($) 17.00 6.00 10.00 200 Suppose you are a management consultant to a number of firms that each operate in a perfectly competitive market. Your job is to recommend a future short-run course of action for each of the firms, based on their current position. Below you will find a table that has information for five of these firms as they are now operating. Notice that some of the information you need to make your recommendation is missing. Deduce the values for the missing information and make your recommendation for each of these firms. Note: If a number appears in bold italic type, then you may assume that at the current level of output, that number is the minimum over all levels of output for the particular category. (This is a HINT!) Firm 1 2 3 4 5 6 Market Price ($) 26.00 .60 4.50 7.50 200 1.75 Current TFC Quantity ($) 7,000 800 20 4,000 2,800 60 800 TVC ($) 8,400 480 4,375 6,000 TC ($) 5,600 6,000 7,000 AVC ($) 14.00 .40 4.00 ATC ($) 19.00 9.50 1.75 MC ($) 17.00 6.00 10.00 200

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The table shows information for six firms that each operate in a perfectly competitive market You ar... View the full answer