Average Average
Variable Total Marginal
Quantity Cost Cost Cost
1 $ 50 $ 90 $ 50
2 45 65 40
3 40 53 30
4 35 45 20
5 34 42 30
6 35 41 40
7 37 43 50
8 40 45 60
a) At a product price of $ 40, how many units will this firm produce in the short-run? EXPLAIN. What will be its profits or losses?

b)At a product price of $ 50, how many units will this firm produce in the short-run?

c) At a product price of $ 60, how many units will this firm produce in the short-run?