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3. Fill in the following table: Q TC TVC TFC ATC AVC MC 0 300 425 2 500 3 612 4 750 5 900 6
3. Fill in the following table: Q TC TVC TFC ATC AVC MC 0 300 425 2 500 3 612 4 750 5 900 6 1150 a. Draw representative ATC, AFC, AVC, and MC curves, labeling everything. (you do not need to draw them to scale) b. If the price of output is $112, how much will this perfectly competitive firm produce? What are the profits? c. If the price of output is $150, how much will this perfectly competitive firm produce? What are the profits? d. If the price of output is $250, how much will this perfectly competitive firm produce? What are the profits
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