#29 econ class Firms A through G are small, perfectly competitive businesses located in perfectly competitive markets throughout the country. Each of the small firms A through G operates in

#29 econ class Firms A through G are small, perfectly competitive businesses located in perfectly competitive markets
throughout the country. Each of the small firms A through G operates in its own perfectly competitive
market.
You are an undergraduate student doing economics research on whether small perfectly competitive
businesses are maximizing their short run profits. You have requested and received data from each
firm as shown in the table below with the understanding that you will let each firm know whether it is
maximizing short run profits (or minimizing it’s short run losses).
Unfortunately, the data are incomplete so you must first fill in the missing information. Complete each
column, providing numerical values based on information provided by that firm (that is, use data
within the column to calculate missing values). Do not leave any cells without numerical values and
do not use data from one column (for example, column A) to fill in missing data in a different
column.
After completing the data, review it to answer the question below.
Which of these firms, if any, should increase its product price?
Firm
A
B
C
D
E
F
G
$0.50
$3.50
Price
$3.00
35,00
Output
BOD
750
1000
TR
$500.00 | $300.00
$2800-00
51800.00
$4000.DO
$525.00
$2625.60 |$2975.00
TFC
51260.00
IVC
$300.00
$2450.00
$3090.00
ATC
$0.40
Minimum
$5.30
25150
(Calculate
the value
AVC
51.20
$2.00
MC
$0. 40
154.00
$3.50
59. 19
O al Firm A only because its price is much lower than the prices charged by the
other firms in their respective markets
(Obj Firm B only because it must have revenues sufficient to pay total variable
costs.
Old Firms B. D. F. and G because they are making losses at their current product
prices.
()d) None should increase its price perfectly competitive firms get no advantage

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