Your firm has a price of $5, an average total cost of $7, and an average variable cost of $4. in the short run, you should /shut down) because average variable cost price . in the long run, you should in/exit) the market because average total cost price variable cost price average total cost .

Step-by-step explanation:

Given that a firm has  a price of $5, an average total cost of $7, and an average variable cost of $4

Price = 5

Var cost = 4

Contribution = 1 dollar per unit

Since contribution is positive, there is scope for getting profit by increasing production.

In the short run, you should __operate(operate/shut down) because __Priceexceeds average variable cost price . In the long run, you should __exit(stay in/exit) the market because average total cost price exceedsprice.average variable cost price average total cost

step-by-step explanation:

you can add the two numbers and divide the result by 2. or you can find the gap between the two numbers and add half of this to the smaller number.

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