Below is a table of data for a firm. Please use this table for this question, and
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Question:
Below is a table of data for a firm. Please use this table for this question, and the next two questions.
Table 1
Total Output
Total Cost
Marginal Cost
Average Cost
0
100
50
115
100
175
150
264
200
316
What is the marginal cost of producing a unit of output when the firm increases production from 150 to 200 units?
describe the returns to scale for the firm illustrated
would be most relevant in determining which quantity the firm would produce? Explain
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