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Info for Questions 6-8: A perfectly competitive firm produces the level of output at which MR=MC on the rising portion of the firm 's marginal

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Info for Questions 6-8: A perfectly competitive firm produces the level of output at which MR=MC on the rising portion of the firm 's marginal cost curve. At that output level, it has the following costs and revenues: TC = $830, 000 VC = $525, 000 TR = $428,000 6. Given that the rm produces the level of output at which MR=MC, calculate the amount of prot (loss) this firm earns. 7. If this firm is a rational, prot-maximizing rm, what level of output will it produce? 8. At that optimal level of output, what prot (loss) does the firm earn

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