Question: 2) Answer the following question based on the chart below: Total Fixed Total Variable AVC Marginal Cost Cost Cost Cost 0 $12 1 $17 2

2) Answer the following question based on the chart below: Total

2) Answer the following question based on the chart below: Total Fixed Total Variable AVC Marginal Cost Cost Cost Cost 0 $12 1 $17 2 $23 3 $29 4 $37 U $47 If the good is selling for $8, the optimal amount for this firm to produce in the short run is? When would the firm shut-down in the short-run (i.e. at what price)? What if the price of the good was $5?. What would the firm do if the price fell to $2? What about in the long-run

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