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Question 1: Kayla is a profit maximizing producer in a competitive market. Her total cost per unit of output for various levels of output is

Question 1: Kayla is a profit maximizing producer in a competitive market. Her total cost per unit of output for various levels of output is given in the table below, and P= $45

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Output Total Average Average Average Marginal Marginal (Q) Cost Fixed Cost Variable Total Cost Cost Revenue (TC) (AFC) Cost (AVC) (ATC) (MC) (MR) 0 60 80 2 110 3 150 4 200 5 260

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