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The firm's objective is to maximize its economic profit, which equals its total revenue minus its total cost, where "cost" refers to economic cost (O'Sullivan and Sheffrin, 2006). Using the marginal principle, the typical firm will maximize profit where the market price equals the firm's marginal cost. The shut-down price is the price at which the firm is indifferent between operating and shutting down (O'Sullivan and Sheffrin, 2006). The firm should continue to operate if revenue exceeds the average variable cost, otherwise it should shutdown.
Shut-Down Rule
The shut-down rule states that if a company's total variable cost exceeds its total revenue then the company should shut down...
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