3. A firm is producing its output based on the following cost schedule. How many units...

 

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3. 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 0 1 2 3 4 5 6 7 8 9 10 Fixed Cost 100 100 100 100 100 100 100 100 100 100 100 Variable Cost 0 90 170 240 300 380 470 570 680 800 930 Total Cost 100 190 270 340 400 480 570 670 780 900 1030 Average Total Cost 190.0 135.0 113.3 100.0 96.0 95.0 95.7 97.5 100.0 103.0 Average Fixed Cost 100.0 50.0 33.3 25.0 20.0 16.7 14.3 12.5 11.1 10.0 Average Variable Cost 90.0 85.0 80.0 75.0 76.0 78.3 81.4 85.0 88.9 93.0 Marginal Cost 90 80 70 60 80 90 100 110 120 130 3. 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 0 1 2 3 4 5 6 7 8 9 10 Fixed Cost 100 100 100 100 100 100 100 100 100 100 100 Variable Cost 0 90 170 240 300 380 470 570 680 800 930 Total Cost 100 190 270 340 400 480 570 670 780 900 1030 Average Total Cost 190.0 135.0 113.3 100.0 96.0 95.0 95.7 97.5 100.0 103.0 Average Fixed Cost 100.0 50.0 33.3 25.0 20.0 16.7 14.3 12.5 11.1 10.0 Average Variable Cost 90.0 85.0 80.0 75.0 76.0 78.3 81.4 85.0 88.9 93.0 Marginal Cost 90 80 70 60 80 90 100 110 120 130

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ANSWER A firm produes the output where PMC When AVCMC this mean... View the full answer