b) A firm is producing a newproduct. The total production cost is $20 million and the firm has alreadyspent $15 million in the production. A recent economic downturn changes theexpected sales of the product to $8 million.
(i) What is the marginal cost forthe firm to continue the production?
(ii) What is the marginal benefitfor the firm to continue the production?
(iii) Should the firm continue theproduction?
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