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03-06-2023
Business

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(Table: Competitive Firm) Refer to the table. What is the marginal cost of the fifth unit of output? What is the average cost of the fifth unit of output? Should the firm produce more or less than five units? Explain. Quantity (Units) Total Revenue (S) Total Cost (S) 0 0 50 1 90 80 2 180 120 3 270 170 4 360 230 5 450 300 6 540 380 7 630 470 8 720 570

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