Fixed .Variable Total Austaee Average | Marginal Quantity Cost Cost Cost Varkable Total Cost| Cost Cost 0 $120 | s0 | 5120 - - - 1 5120 | $20 | $140 520,00 $14000 | 320 2 $120 | $38 | $158 $19.00 | $79.00 | %18 3 $120 | $62 | $182 $2067 | $60.67 | S24 4 5120 573 $193 | $18.25 | $48.25 511 5 5120 $97 | $217 $19.40 | $43.40 $24 6 $120 | $115 | $235 | $19.47 | $39.a7 | %18 7 $120 | $145 | $265 $20.71 | $37.86 | $30 8 $120 | $199 | $319 $2488 | $30.88 | $54 9 5120 | $245 | $365 $27.22 | $40.56 346 10 5120 | $299 | $419 @ $29.90 | $41.90 $54 11 $120 | $369 | $489 $33.55 | $44.45 | $70 12 $120 | $422 | $542 | $35.17 | 84517 | 53 | This table represents some of John's costs of production. John operates in a perfectly competitive market and takes price as given. At a quantity of three units, for example, a variable cost of $62 gives the total variable cost required to make the three units. Total cost of $182 is the sum of variable costs and the $120 fixed cost. Average variable cost ($20.67) and average total cost ($60.67) are equal to variable cost and total cost divided by the quantity of three. Marginal cost of $24 is the cost of increasing production from two units to three units, so it represents the cost of producing the third unit. In the short run, John cannot aveid fixed costs such as her lease payments on his building. In the long run, he can avoid the fixed costs. It may help to graph the data in the table before you answer the following questions. Question 2 Not yet answered Points out of 1.00 Flag question What is the lowest price at which John would be willing to produce a positive-level output in the short-run (if your answer is $10.32, then answer in the following format: 10.32)? Answer: Question 3 Not yet answered Points out of 1.00 Flag question What is the lowest price at which John would be willing not to exit the industry in the long-run (if your answer is $10.32, then answer in the following format: 10.32)7 Answer: Question 4 Mot yet answered Points out of 1.00 Flag question If the current short-run price is 537 per unit of output, how much output will John produce