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Assume that you are in a perfectly competitive market, given the price of $250, complete the table and answer the following questions. Provide details and
Assume that you are in a perfectly competitive market, given the price of $250, complete the table and answer the following questions. Provide details and show all your work. a. Complete the table above (20 points) and answer the following questions QTY FC VC TC AFC AVC ATC MC MR 0 650 1 730 2 740 3 770 4 830 5 980 6 1080 7 1370 8 1450 9 1690 10 2050 b. Explain in detail why the firm should produce or not product? (10 points). c. Explain in detail how many units should it produce? (10 points) d. Compute the economic profit or economic loss. (10 Points). Show your work
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