Week 5 Chapter Questions - Week 5 Chapter Questions Respond...

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Week 5 Chapter Questions Respond to the following questions from Chapter 8 of your textbook. Provide a complete answer with sufficient work shown. For a full list of questions, reference your textbook. #11  The CEO of a major automaker overheard one of its division managers make the following  statement regarding the firm’s production plans: “In order to maximize profits, it is essential that  we operate at the minimum point of our average total cost curve.” If you were the CEO of the  automaker, would you praise or chastise the manager? Explain.  #12  You are the manager of a small U.S. firm that sells nails in a competitive U.S. market (the  nails you sell are a standardized commodity; stores view your nails as identical to those  available from hundreds of other firms). You are concerned about two events you recently 
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