Marginal Cost Question
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Consider the following table.
Quatitity Total cost
0 $8
3 9
6 10
9 11
12 13
15 19
18 27
21 37
(1) Calculate marginal cost for each entry of the quantity in the above table.
(2) Suppose that the price of the product is $2. How many units will the firm produce?
(3) In the long run, will the price rise or fall from the current level at $2? Explain the reason.
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Solution Summary
The expert calculates marginal cost. The expert examines if the price is $2, how many units can the firm produce.
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