Suppose a consumer of goods x and y is maximizing total util…

Suppose a consumer of goods x and y is maximizing total utility.  , where MU indicates marginal utility and P indicates price of good.  In this case A, a consumer will likely to purchase (1) _________________ , where MU indicates marginal utility and P indicates price of good.  In this case B, a consumer will likely to purchase (2) _________________  

Case 1 where Price < AVC  Case 2 where Price > ATC Case 3 wh…

Case 1 where Price < AVC  Case 2 where Price > ATC Case 3 where ATC > P > AVC MC (Marginal Cost) MR (Marginal Revenue) ATC (Average Total Cost) AVC (Average Variable Cost) d (demand curve) P (price) Based on the above figure  for a perfectly competitive firm in the short run, In which cases will a perfectly competitive firm continue to produce in the short run? _____________ (Select two answers that apply)