Question
Q.2 (20 points)Consider the following table. Quantity Total Cost 0 $46 2 $47 4 $ 48 6 $49 8 $51 10 $57 12 $ 65
Q.2(20 points)Consider the following table.
Quantity
Total Cost
0 $46
2 $47
4 $ 48
6 $49
8 $51
10 $57
12 $ 65
14 $ 75
16 $ 87
(1)Suppose that the price of the product is $3.How many units will the firm produce in the short run?
(2)In the long run, will the price rise or fall from the current level at $3?Explain the reason.
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Essentials Of Business Law
Authors: Jeffrey F Beatty, Susan S Samuelson
3rd Edition
0324537123, 9780324537123
