Question: Consider the following table. Quantity Total Cost 0 $ 46 2 $ 47 4 $ 48 6 $ 49 8 $ 51 10 $ 57

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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