Expert answer:Need help with an economics homework

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Question 1. Suppose you are a consultant for a firm that is
perfectly competitive. The firm is worried only about its policies in
the short run. What would you recommend in terms of quantity
changes (raise, cut, shut down or stay put) and price changes (raise,
cut, stay put) in each of the following situations:
a. [10points] P=$11
b. [10points] P=$9
MC=$6
MC=$4
AVC=$7.
AVC=$11.
Question 2. Suppose you are working as a consultant for a firm
that is a monopoly and is worried about its policies in the short run.
What would you recommend in terms of quantity changes (raise,
cut, shut down or stay put) and price changes (raise, cut, stay put)
in each of the following situations:
a. MR=$298
MC=$348
AVC=$288
b. MR=$148
MC=$98
AVC=$138
c. P=$269
MC=$319
AVC=$289
[Note: P = price; MR = marginal revenue; AVC = average variable
cost; MC = marginal cost]
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