## (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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This question was answered on: Oct 15, 2019

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