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Consider the following table for perfectly competitive firm in the short run Output Total Variable Cost Total Fixed Cost Total Cost Marginal Cost Total Revenue

Consider the following table for perfectly competitive firm in the short run

Output

Total Variable Cost

Total Fixed Cost

Total Cost

Marginal Cost

Total Revenue

Marginal Revenue

Profit

1

120

100

2

200

100

3

290

100

4

430

100

5

590

100

6

790

100

7

1030

100

If the market price is $150, how many units of the output will the firm produce in order to maximize profit in the sortrun? Specify the amount of economic profit or loss . As what level of output does the firm break even.

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