Use the following data table to answer questions a, b, c, d, and e Answer the next question(s) on the basis of the following cost data for a purely competitive seller What are the above data for How much are average fixed cost, average variable cost, and average total cost at 5 units of output How much is the marginal cost of the fifth unit of output How many products will the firm produce if product price is $75 Given the $75 product price, how much will the firm at its optimal output Total Total Total fixed variable Total cost $ 50 product cost $50 cost $ 0 1 50 70 120 50 120 170 3 50 150 200 4 50 220 270 50 300 350 50 390 440

Question: Use the following data table to answer questions a, b, c, d, and e. Answer the next question(s) on the basis of the following cost

Use the following data table to answer questions a, b, c, d, and e. Answer the next question(s) on the basis of the following cost data for a purely competitive seller:

Total Total Total fixed variable Total cost $ 50 product cost $50

What are the above data for?
How much are average fixed cost, average variable cost, and average total cost at 5 units of output?
How much is the marginal cost of the fifth unit of output?
How many products will the firm produce if product price is $75?
Given the $75 product price, how much will the firm at its optimal output?

Total Total Total fixed variable Total cost $ 50 product cost $50 cost $ 0 1 50 70 120 50 120 170 3 50 150 200 4 50 220 270 50 300 350 50 390 440

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