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Example: Perfectly Competitive Firm A perfectly competitive firm produces at the point where MC = MR = P a. Calculate ATC, AVC, MC b. If

Example: Perfectly Competitive Firm A perfectly competitive firm produces at the point where MC = MR = P a. Calculate ATC, AVC, MC b. If P = $12.50 how many units (Q) will be produced? What are the firm's profits? c. If P = $6.00 how many units (Q) will be produced? What are the firm's losses

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