Question: Consider the following table. Quantity Total Cost 0 $46 2 $47 4 $48 6 $49 8 $51 10 $57 12 $65 14 $75 16 $87

Consider the following table.

Quantity Total Cost

0 $46

2 $47

4 $48

6 $49

8 $51

10 $57

12 $65

14 $75

16 $87

(1)Suppose that the price of the product is $3.How many units will the firm produce in the short run?

(2)In the long run, will the price rise or fall from the current level at $3?Explain the reason.

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