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7. Fill in the missing cells. Assume the firm operates in a perfectly competitive environment in both the input and output markets. Calculate the profit

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7. Fill in the missing cells. Assume the firm operates in a perfectly competitive environment in both the input and output markets. Calculate the profit (loss) when the firm receives $0.40 for the product. L Q P(L) TFC TVC TC MC ATC AVC AFC 2 40 5 110 65 .4 80 .375 90 150

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