Question: The following table shows the data on quantity produced and the total cost of production in the long run for a given firm: Q LTC

The following table shows the data on quantity produced and the total cost of production in the long run for a given firm:

QLTC

1

102

2

112

3

136

4

180

5

250

6

352

7

492

8

676

9

910

10

1200

Find the long-run marginal cost and the long-run average cost faced by the firm.

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