Use the following data table to answer questions a, b, c, d, and e. Answer the next question(s) on the basis of the following cost data for a purely competitive seller:

• What are the above data for?
• How much are average fixed cost, average variable cost, and average total cost at 5 units of output?
• How much is the marginal cost of the fifth unit of output?
• How many products will the firm produce if product price is $75?
• Given the $75 product price, how much will the firm at its optimal output?

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Total Total Total fixed variable Total cost $ 50 product cost $50 cost $ 0 1 50 70 120 50 120 170 3 50 150 200 4 50 220 270 50 300 350 50 390 440 Total Total Total fixed variable Total cost $ 50 product cost $50 cost $ 0 1 50 70 120 50 120 170 3 50 150 200 4 50 220 270 50 300 350 50 390 440

Answer rating: 100% (QA)

Q TP TC TFCrVC TFC TVC 50 0 50 50 70 120 170 2 120 50 50 50 50 200 3 150 220 270 350 300 ... View the full answer