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6. In the perfectly competitive industry of corn farming, a farmer has costs as indicated in the following table Total Total Total product variable cost

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6. In the perfectly competitive industry of corn farming, a farmer has costs as indicated in the following table Total Total Total product variable cost cost AFC AVC ATC MC 0 $0 $40 55 95 $40 $55 $95 $55 2 75 115 20 37.5 57.5 20 3 90 130 13.33 30 43.33 15 4 110 150 10 27.5 37.5 20 5 135 175 8 27 35 25 6 170 210 6.67 28.33 35 35 7 220 260 5.71 31.43 37.14 50 8 290 330 5 36.25 41.25 70 Complete the following short-run supply schedule for this farmer. (16 points) Corn Quantity Profit price supplied (or loss) $72 50 35 25 20

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