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1. What is difference between producer surplus and economic profit for a firm in the competitive market? Which is typically larger in the short run?

1. What is difference between producer surplus and economic profit for a firm in the competitive market? Which is typically larger in the short run?
2. In a perfectly competitive industry, the current short-run equilibrium has AVC
3.
Suppose a representative firm in a perfectly competitive industry has the following total cost of production in the short run: TC 2 Q3 IUQ2 + 100Q :(30)

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Modern Principles of Economics

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