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Please show work, will rate after. Thank you! rrm 3' I 11 u 3'. '9. a -rfacl Compatiiio 3'} & {5} {3} [u '|.-. Z

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Please show work, will rate after. Thank you!

image text in transcribed
rrm 3' I 11 u 3'. '9. a \"-rfacl Compatiiio 3'} & {5} {3} [u '|.-. Z I 3 5| ... a g - 3 5 ID 2'. REVENUE a o ,. - - - - - \"ml.351 -_- mm- - m - .l - Illil I; a: _l "Isl _. i: I\". m -.4 an a o 9'. Questions 1. What rule do you use to determine the quantity (qmaxprots) that will maximize prots? Write out the rule here. What is the Prot maximizing quantity the rm will produce? 2. What is the Prot the rm earns at the quantity you gave in Q. l? 3. What is the highest prot the rm can earn? 4. How do you know that this is a perfectly competitive firm? Explain 5. Fill in the Blank. If the firm's price is below Average Total Cost but above (AVCKAFC) the rm will continue to produce at a (prot! loss). 6. First, watch the video. Then draw the curves for Demand Curve, Marginal Revenue Curve & Marginal Cost curve on the graph. Mark the quantity the rm will produce and the price. Label every curve and axis

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