The table shows output and cost data. Calculate the average total cost, average fixed cost, average variable
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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?
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Quantity 5 25 30 35 Total cost $20,000 $20,500 $20,975 $21,425 $21,425 $21,850 $22,300 $22,775 $23,275 10 15 20
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