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Based on the following information, state whether the perfectly competitive firm should shut down or continue to operate in the short run. Q= 40, P=

Based on the following information, state whether the perfectly competitive firm should shut

down or continue to operate in the short run.

Q= 40, P= $20, TFC= $200, TVC = $700

Draw the relevant graph based on firm's decision in this particular case. Show detailed

calculation, (Hint: calculate average costs first).

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