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Assume that the perfectly competitive firm and the imperfectly competitive firm have the same costs as shown in the table below. Fill in the
Assume that the perfectly competitive firm and the imperfectly competitive firm have the same costs as shown in the table below. Fill in the table and answer the following questions. Marginal Quantity Total Cost Cost Average Total Cost 0 $10 1 $15 2 $18 3 $24 4 $34 5 $50 6 $72 4. What output would the perfectly competitive firm produce to maximize profit? 5. How much profit would the perfectly competitive firm earn at the profit maximizing quantity? Show your work. 6. What output would the imperfectly competitive firm produce to maximize profit?
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