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?

Please do not enter the dollar sign, i.e. Answer: $____

In no more than three sentences, describe the returns to scale for the firm illustrated in Table 1 above

What data in Table 1 (above) would be most relevant in determining which quantity the firm would produce? Explain, in no more than three sentences