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(a) Sophia sells coffee in a perfectly competitive market. Her output per day and her costs are as follows: Quantity Total Cost Marginal Cost Average

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(a) Sophia sells coffee in a perfectly competitive market. Her output per day and her costs are as follows: Quantity Total Cost Marginal Cost Average Total Cost 0 200 10 250 20 350 30 500 40 700 50 950 60 1250 70 1600 80 2000 1. Fill in the above table. (6 marks) ii. Suppose the market price of coffee is $25. What quantity would maximize Sophia's profit? (2 marks) 111. How much profit does Sophia make at the profit-maximizing level of output

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