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At its current short-run level of production, a firm's average variable costs equal $20, and its average fixed costs equal $70. Its total costs at its current production level equal $200,000.
a. What is the firm's current output level? :
b. What are its total variable costs at this level? :
c. What are its total fixed costs?
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Despite very low growth of GDP in 2008 and 2009, and still high unemployment rate of 9.5 percent in June 2010.
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