Farmer jones is producing wheat and must accept the market price of $6.00 per bushel. at this time, her average total costs and her marginal costs both equal $8.00 per bushel. her average variable costs are $5 per bushel. in order to maximize profits or minimize losses in the short run, farmer jones should?

Jones will increase output .

Step-by-step explanation:

The market price of Farmer Jones' per bushel wheat = $6.00

Her average total costs and her marginal costs both are equal $8.00 per bushel.

Since the price of bushel is greater than average variable cost, so Jones will continue the producing.

Profit maximization requires equality of price with marginal cost. As market price is less than marginal cost,

Jones will increase output until price equals the marginal cost to maximize her profit.

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