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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 |
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2 | 200 | 100 |
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3 | 290 | 100 |
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4 | 430 | 100 |
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5 | 590 | 100 |
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6 | 790 | 100 |
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7 | 1030 | 100 |
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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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