You are given the following cost data:
Total fixed costs are 100.
Q= 0,1,2,3,4,5,6
TVC= 0,5,10,20,40,65,95.
Where Q=Quantity and TVC=Total Variable Cost
Required
a) If the price of output is $15, how many units of output will this firm produce? (3 marks)
b) What is total revenue?
c) What is total cost?
d) Briefly explain the firms decision in the short and long