Question: You are given the following cost data: Total fixed costs are 100. Quantity Total Variable Cost 0 0 1 5 2 10 3 20 4

You are given the following cost data:

Total fixed costs are 100.

Quantity

Total Variable Cost

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.Whatdo you think the firm is likely to do in the short run?

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