Question: The table below gives the short run total cost function for a typical firm in a perfectly competitive industry. Please answer related questions below (8

The table below gives the short run total cost function for a typical firm in a perfectly competitive industry. Please answer related questions below (8 pts)

Short Run Total Cost Function

Quantity Produced Total Cost ($)

0 20

10 27

20 38

30 53

40 73

50 100

60 130

(d) At what level of quantity, the marginal cost is lowest?

(e) Explain the average-marginal rule in cost curves?

(f) What is the market price? (Assume the firm is operating in a pure competitive market.)

(g) If the firm enjoys market power than the firm's market price will be higher or lower than the competitive market price?Why?

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