The table below displays cost information for a firm operating in a perfectly competitive market. Assume all firms in this market have identical costs. a. Fill in the missing values corresponding to the empty cells. Quantity Total Cost Variable Cost Marginal Cost Average Variable Cost 1 $10 A $10 2 $38 $8 3 $44 $24 B 4 C $30 5 $38 $7.6 6 $68 D E 8 7 $60 8 $74 F A = $ B = $ C = $ D = $ E = $ F = $ b. Calculate the lowest price the firm would need to be able to sell their goods for in order to remain open in the short run. Firm shuts down in short run if Price is less than $ c. Calculate the lowest price the firm would need to be able to sell their goods for in order to remain open in the long run. Firm exits in long run if Price is less than $
The table below displays cost information for a firm operating in a
a. Fill in the missing values corresponding to the empty cells.
| Quantity | Total Cost | Variable Cost | Marginal Cost | |
| 1 | $10 | A | $10 | |
| 2 | $38 | $8 | ||
| 3 | $44 | $24 | B | |
| 4 | C | $30 | ||
| 5 | $38 | $7.6 | ||
| 6 | $68 | D | E | 8 |
| 7 | $60 | |||
| 8 | $74 | F |
A = $ B = $ C = $
D = $ E = $ F = $
b. Calculate the lowest price the firm would need to be able to sell their goods for in order to remain open in the short run. Firm shuts down in short run if Price is less than $
c. Calculate the lowest price the firm would need to be able to sell their goods for in order to remain open in the long run. Firm exits in long run if Price is less than $
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