Question: Please solve a. Complete the following table of cost data for Smith's Snuff, a perfectly competitive firm. Output Total Cost Marginal Cost 0 $138 $30
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a. Complete the following table of cost data for Smith's Snuff, a perfectly competitive firm. Output Total Cost Marginal Cost 0 $138 $30 2 20 3 30 4 40 50 60 70 80 b. What is the total amount of the shutdown loss? That is, what loss will Smith's Snuff incur if it does not produce at all? Shutdown loss is $[ c. Assuming no partial units, complete table below showing how much Smith's Snuff will produce and what its profit or loss will be at the various prices given. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Leave no cells blank - be certain to enter "O" wherever required. Total Total Profit (+) or Price ($) Output Revenue Cost Loss (-) $20 $ $ 40 70 80
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