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Suppose you are a manager of a perfectly competitive rm and the market price of your product is $7.00. You have correctly determined that your

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Suppose you are a manager of a perfectly competitive rm and the market price of your product is $7.00. You have correctly determined that your optimal output level is (1*: 7,500. At this level of output (Q*=7,500), your average total cost (ATE) = $10.00 and your average variable cost (AVE) = $5.00. 5 MC

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