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The table below includes information on the costs Alarms R Us experiences when producing alarm clocks. The firm operates In a perfectly competitive market.The table
The table below includes information on the costs Alarms R Us experiences when producing alarm clocks. The firm operates In a perfectly competitive market.The table below includes information on the costs Alarms R Us experiences when producing alarm clocks. The firm operates in a perfectly competitive market. Alarms R Us Costs of Production Quantity (alarm Average Variable Average Total Marginal Cost clocks) Cost (dollars) Cost (dollars) dollars) 50 $9 $21 $9 100 8 14 7 150 7 11 5 200 8 11 11 250 9 12 13 300 13 15 33 Instructions: Enter your answers as a whole number. a. The firm will not produce any output if the price is less than O Average Variable Cost. O Marginal Cost. O Average Total Cost. b. If the market price is $11, the firm will produce output of 200 alarm clocks c. Complete the short-run supply column using the Information from the table above. If the firm does not produce any output, enter 0. Price Short-Run Supply (dollars) (alarm clocks) 5 11 13 33
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