The table shows output and cost data. Calculate the average total cost, average fixed cost, average variable

Question:

The table shows output and cost data. Calculate the average total cost, average fixed cost, average variable cost, and marginal cost schedules. If the market price were $500, should the firm shut down in the short run? In the long run? Quantity 5 25 30 35 Total cost $20,000 $20,500 $20,975 $21,425 $21,425 $21,850 $22,300 $22,775 $23,275 10 15