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Star Inc. is a firm selling its product in a perfectly competitive market. The market price is $10. The table below describes the firm's costs
Star Inc. is a firm selling its product in a perfectly competitive market. The market price is $10. The table below describes the firm's costs for each possible quantity sold. Quantity Price Total Total Marginal Marginal sold Revenue Cost Revenue Cost 0 1 2 3 4 5 6 7 8 a. (5 points) Fill in the table. b. (10 points} Determine what would be the profit-maximizing quantity that Star Inc. would sell and explain the profit-maximizing condition that needs to be satisfied. c. (5 points} If the fixed cost of Star Inc. were to increase by $5, would your answer to part b) change? Explain
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