Explain total cost schedule for a competitive firm

Reference no: EM13174306

The next question refers to the following:
Total cost schedule for a competitive firm:
              Output    Total Cost
                  0                                       $ 10
                  1    60
                  2    80
                  3                                          110
                  4                                          165
                  5                                          245

If market price is $60, how many units of output will the firm produce?
a. Zero units of output because the firm shuts down.
b. 1 unit of output.
c. 2 units of output.
d. 3 units of output.
e. None of the above.

Reference no: EM13174306

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