Assume that price of the product is 4 how many units will

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Reference no: EM13390205

Consider the following table.

Quantity Total Cost

0 $ 16

2 $ 17

4 $ 18

6 $ 19

8 $ 21

10 $ 27

12 $ 35

14 $ 45

(1) Suppose that the price of the product is $4. How many units will the firm produce?

(2) In the long run, will the price rise or fall from the current level at $4? Explain the reason.

Reference no: EM13390205

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