Question: The table shows output and cost data. Calculate the average total cost, average fixed cost, average variable cost, and marginal cost schedules. If the market

The table shows output and cost data. Calculate the average total cost, average fixed cost, average variable cost, and marginal cost schedules. If the market price were $500 should the firm shut down in the short run? In the long run?

$30 22,775 $23,275 Quantity $0 $5 10 $15 $20 $25 $35 Total Cost $20,000 $20,500 $20,975 $21,425 $21,850 $21,850

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