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2. (42 points) You are given the following information about the costs of production for a firm. Quantity FC VO TO AFC AVC ATC 0

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2. (42 points) You are given the following information about the costs of production for a firm. Quantity FC VO TO AFC AVC ATC 0 90 MC 0 1 130 2 35 3 20 4 60 5 240 120 A) (12 points) Complete the table above. B) (30 points) Suppose the firm operates in a perfectly competitive market. Based on the information in part A, complete the following table: Market Price Profit maximizing Profit level of output $28 $36 $88 $106 $140

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