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1. Suppose you are given the following information about a perfectly competitive firm. The firm is operating in the market and producing its profit-maximizing output
1. Suppose you are given the following information about a perfectly competitive firm. The firm is operating in the market and producing its profit-maximizing output in the short run. The firm's total revenue (TR) is $9,500,000; its total costs (TC) are $15, 250,000; and its total variable costs are $8,000,000. What action should the firm take in the short run? Show your work.
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