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3. Refer to the following figure $Ab $/gal 25 25 MC ATC $2 20 20 P 15 P1 15 10 10 p2 5 5 2

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3. Refer to the following figure $Ab $/gal 25 25 MC ATC $2 20 20 P 15 P1 15 10 10 p2 5 5 2 4 6 8 10 1 2 3 4 5 Millions of gal/week Thousands of gal/week a) What is the long run equilibrium price in this market? b) What is the individual firm's profit maximizing quantity? c) What is the individual firm's long run economic profit

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