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Need answers for these Question 4 The Following table shows total cost (TC) of a kid selling lemonade, where the lemonade market is considered Competitive

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Question 4 The Following table shows total cost (TC) of a kid selling lemonade, where the lemonade market is considered "Competitive" market. Answer all following questions: Quantity of Output Total Cost $ 0 5 8.5 2 15 3 22 4 30.5 5 45.5 a. What are the conditions of Perfect Competition? b. What does "Price Taker" mean? c. If the market price is $8.50, what is the profit-maximizing output? Explain. d. If the market price is $8.50, calculate the economic profit (loss)? BUSI 1023 INTRODUCTION TO ECONOMICS FOR MANAGERS

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