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As an entrepreneur, suppose you are operating in a perfectly competitive market selling food (i.e., units of chickens). Your daily output is given: Output per

As an entrepreneur, suppose you are operating in a perfectly competitive market selling food (i.e., units of chickens). Your daily output is given:

Output per day

Total cost

0

$10

1

20.50

2

24.50

3

28.50

4

34.00

5

43.00

6

55.50

7

72.00

8

93.00

9

119.00

  1. Now suppose the prices of chicken falls to $6.0. At this price:
  2. 1-how many chickens you will be producing and how much you will be charging per chicken?
  3. 2- What will be your profit or loss under the new price?
  4. 3- You may also use graph to show the new situation.

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