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Homework answers / question archive / The table shows output and cost data
The table shows output and cost data. Calculate the average total cost, average fixed cost, average variable cost, and marginal cost schedules. If the market price were $500, should the firm shut down in the short run? In the long run?
| Quantity | 0 | 5 | 10 | 15 | 20 | 25 | 30 | 35 |
| Total Cost | $20,000 | $20,500 | $20,975 | $21,425 | $21,850 | $22,300 | $22,775 | $23,275 |
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