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(Solved) A firm is producing its output based on the following cost


A firm is producing its output based on the following cost schedule. How many units of output should it produce when the price of the product is $70, $85, or $95, respectively, and what is the firm's short-run supply curve?

Total Product

Fixed Cost

Variable Cost

Total Cost

Average

Total Cost

Average Fixed Cost

Average Variable Cost

Marginal Cost

0

100

0

100

1

100

90

190

190.0

100.0

90.0

90

2

100

170

270

135.0

50.0

85.0

80

3

100

240

340

113.3

33.3

80.0

70

4

100

300

400

100.0

25.0

75.0

60

5

100

380

480

96.0

20.0

76.0

80

6

100

470

570

95.0

16.7

78.3

90

7

100

570

670

95.7

14.3

81.4

100

8

100

680

780

97.5

12.5

85.0

110

9

100

800

900

100.0

11.1

88.9

120

10

100

930

1030

103.0

10.0

93.0

130

 


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DATE ANSWERED

Oct 15, 2019

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