You are given the following cost data: The total fixed costs are $100. (Photo) If the price of output is $15, how many units of output will this firm produce? What is total revenue? What is total cost? Briefly explain using the concept of marginal cost. What do you think the firm is likely to do in the short run? In the long run? Select one: a. Profit maximizing Quantity=3 b. Profit maximizing Quantity=1 c. Profit maximizing Quantity=0 d. Profit maximizing Quantity=6

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