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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
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
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