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the next question on the basis of the following cost data for a perfectly competitive firm. Total Product Average Fixed Cost Average Variable Cost Average

the next question on the basis of the following cost data for a perfectly competitive firm. Total Product Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 15 3 33.33 15.00 48.33 13 4 25.00 14.25 39.25 12 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 12 8.33 26.67 35.00 56 Which of the following represents the firm's short-run supply schedule? (1) (2) (3) (4) P Qs P Qs P Qs P Qs $50 12 $50 12 $50 11 $50 11 42 20 42 11 42 10 42 10 36 8 36 9 36 9 36 9 32 8 32 8 32 8 32 8 20 6 20 6 20 6 20 6 13 0 13 5 13 0 13 5 Multiple Choice Table (2) Table (3) Table (1) Table (4)

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