Using the following table a) construct the cost schedule for a firm operating in the short run b) Graph the average variable cost, average total cost and marginal cost curves. Quantity- Production Fixed (thousands) | cost $400 Marginal Average Average Average Variable Total Cost Total Total Total Variable Cost Cost Fixed cost Cost Cost $400 $640 2 $720 $780 $820 5 $850 $890 7 $980 $1200 $1700

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.