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 $5.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 $5?Explain the reason.

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