Question: The following table presents data on the various costs at different levels of outputs. At first, TFC=50. 1 2 3 4 5 6 7

The following table presents data on the various costs at different levels

The following table presents data on the various costs at different levels of outputs. At first, TFC=50. 1 2 3 4 5 6 7 8 9 10 TC TFC 250 400 500 550 650 800 1000 1250 1550 2000 AVC ATC MC i) Complete the table ii) Explain why MC increases later and how it is connected to MP. iii) Suppose the firm is operating in a perfectly competitive industry and the market price is $300. How many products will the firm produce in the short run? Explain your answer.

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