Question: You are given the following cost data: Total fixed costs are 100 . Q= 1,2,3,4,5,6 TVC= 0,5,10,20,40,65,95. If the price of output is $15 ,

You are given the following cost data:

Total fixed costs are 100.

Q= 1,2,3,4,5,6

TVC= 0,5,10,20,40,65,95.

If the price of output is $15, how many units of output will this firm produce? What is total revenue? What is total cost? Briefly explain using the concept of marginal cost. What do you think the firm is likely to do in the short run? In the long run?

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