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In the table below, the production quantities and total production costs at various production quantities are shown. For example, fixed costs are IDR 10 thousand.

In the table below, the production quantities and total production costs at various production quantities are shown. For example, fixed costs are IDR 10 thousand.

Production Quantity (Units)

Price (Thousand Rupiah)

Total Cost (thousand rupiah)

1

2

3

4

5

6

7

8

20

18

16

14

12

10

8

6

21

31

39

45

49

55

70

100

Calculate:

Average cost (AC)

Average fixed cost (AFC)

Average changing cost (AVC)

Marginal cost (MC)

Draw the AC, AFC, AVC, and MC curves

Using the MC = MR approach, determine the level of production that maximizes profits and describe the equilibrium state achieved

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