Question: Suppose that the total fixed cost for a particular competitive firm is $9. The marginal cost for the first unit produced is $8 and decreases

Suppose that the total fixed cost for a particular competitive firm is $9. The marginal cost for the first unit produced is $8 and decreases by $2 for each of the next two units produced. Thereafter, marginal cost increases by $2 for each additional unit. a. Complete the table below. Round your "Average Variable Cost". "Average Total Cost" answers to 2 decimal places: b. What is the shutdown price? Shutdown price: c. If the market price is $10, what is the firm's profit maximizing output? What is the firm's total profit or loss? b. What is the shutdown price? Shutdown price: c. If the market price is $10, what is the firm's profit maximizing output? What is the firm's total profit or loss? Output: Total: $

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