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assume a firm is a competitve market has the following cost structure: output: 0,1,2,3,45 total cost: 5,10,12,15,24,40 Suppose the market price is $4. Will the

assume a firm is a competitve market has the following cost structure:

output: 0,1,2,3,45

total cost: 5,10,12,15,24,40

Suppose the market price is $4. Will the firm produe in the long run? If so, what level of output? explain

will the firm produce in the short run? if so what level of output? explain

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