Question: Question 1 Table: Cost Data Quantity Variable Cost Total Cost of Output (VC) (TC) 0 0 50 1 50 100 234567 70 120 100

Question 1 Table: Cost Data Quantity Variable Cost Total Cost of Output (VC) (TC) 0 0 50 1 50 100 234567 70 120 100 150 140 190 190 240 250 300 320 370 1. The firm is operating in the and its TFC is $; while its MC at the third unit is $ O long run; 0; 30 O short run; 50; 100 short run: 0:150 O short run; 50:30 O short run; 50; 150

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