Question: Question 8 The table below shows output, marginal cost, and average variable cost for the production of pairs of shoes. All costs are in dollars.

Question 8 The table below shows output, marginal cost, and average

Question 8 The table below shows output, marginal cost, and average variable cost for the production of pairs of shoes. All costs are in dollars. Output Marginal Cost Average Variable Cost 50 60 140 70 45 115 90 35 95 110 30 80 130 35 65 150 60 60 170 105 65 190 180 75 210 230 90 230 290 110 TABLE 7-6 Refer to Table 7-6. If the firm produces 130 pairs of shoes, and the fixed cost is $550, then the firm's total cost is $12 000. $10 000. $8000. $7000. $9000

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2. Find out if there are other reference points that can be used as reasonable alternatives.

1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.