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here is the question of economics and need the diagram too thanks Not secure | moodle.kol.edu.au/moodle/mod/quiz/attempt.php?attempt=46/392&cmid= 103412&page= Maps E-Learning Library Academic KOI Student Teachers' Administration

here is the question of economics and need the diagram too thanks

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Not secure | moodle.kol.edu.au/moodle/mod/quiz/attempt.php?attempt=46/392&cmid= 103412&page= Maps E-Learning Library Academic KOI Student Teachers' Administration Calendar Website Portal Contact List Contact List The market is perfectly competitive and there are 1,000 firms that produce paper. A table below sets out the market demand schedule for paper and cost schedule for paper producing firm when it uses its least-cost plant. (5 marks in total) Price Market Quantity Each Firm's Marginal cost Average Average (dollars per demanded (boxes Output (dollars per variable cost total cost box) per week) (boxes per additional box) (dollars per week) box) (dollars per box) 5.50 450,000 240 6.00 6.50 11.00 7.00 400,000 260 7.20 6.80 9.20 8.50 350,000 280 8.50 7.00 8.50 10.20 300,000 300 10.20 8.10 9.50 11.80 250,000 320 12.40 9.00 10.25 a) Would firms make economic profit or incur economic loss in the short run? Explain why and calculate the total economic profit or economic loss. (3 marks) b) What is the number of firms in the long run? (2 marks) ere to search O 99+ off W P DELL F2 FB F4 F5 F6 F8 FO F10

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