1.International Widget is producing fifty widgets at a total cost of $50,000 and is selling them for $1,200 each for a total revenue of $60,000. If it produces a fifty-first widget, its total revenue will be $62,000 and its total cost will be $51,500.

-Should the firm produce the fifty-first widget?

-What is the minimum price consumers would have to pay to get a 51st Widget produced