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Q6 (this is very similar to Q4 and the purpose of this question is to make you be able to draw cost curves) a. Draw

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Q6 (this is very similar to Q4 and the purpose of this question is to make you be able to draw cost curves) a. Draw a "typical" set of MC/AVC/ATC cost curves with MR>min ATC. b. Identify the SR profit (positive), the path to LR equilibrium (move down the MC curve as firms enter) c. and the long run equilibrium price (MR=min ATC). What is the LR profit? File Preview

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