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A firm is currently producing 50 units of output. At this level of output produced, its average fixed cost is 90 (AFC=90) and average variable cost is 140 (AVC=140)
i. What is the firm's total cost of producing 50 units of output?
ii. If the average variable cost of producing 60 units of output is 130, what is the total cost pf producing these 60 units of output?
iii. If this firm increases output from 50 to 60, how much is marginal cost?
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