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Q5. You are given the following cost and revenue data for Parkin's Pickles, a perfectly competitive firm at it current output level. ( 4 Marks)

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Q5. You are given the following cost and revenue data for Parkin's Pickles, a perfectly competitive firm at it current output level. ( 4 Marks) TR = $550 TFC = $150 MC = $15 AC = $10 AVC = $7 a) What is the amount of profit or a loss? b) Is the firm producing the optimal output? If not, should the firm produce more, less or not at all

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