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Suppose you are a cheese producer and are currently producing 10 pounds of cheese per hour. The variable cost of production for 10 pounds is
Suppose you are a cheese producer and are currently producing 10 pounds of cheese per hour. The variable cost of production for 10 pounds is $50. If you estimate the variable cost of producing 11 pounds of cheesier hour is $70, what is your marginal cost of producing the extra pounds of cheese?what is the minimum market price you would need to receive to make selling the extra cheese a good economic decision?
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