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The following table shows the cost information for a firm in a perfectly competitive industry. The market price is $51 and the firm chooses their
The following table shows the cost information for a firm in a perfectly competitive industry. The market price is $51 and the firm chooses their optimal quantity. Calculate their profit. Q FC VC TC MC AFC AVC ATC 0 80 0 80 1 80 7 87 7 80.00 7.00 87.00 2 80 18 98 11 40.00 9.00 49.00 3 80 33 113 15 26.67 11.00 37.67 4 80 52 132 19 20.00 13.00 33.00 5 80 75 155 23 16.00 15.00 31.00 6 80 102 182 27 13.33 17.00 30.33 7 80 133 213 31 11.43 19.00 30.43 8 80 168 248 35 10.00 21.00 31.00 9 80 207 287 39 8.89 23.00 31.89 10 80 250 330 43 8.00 25.00 33.00 11 80 297 377 47 7.27 27.00 34.27 12 80 348 428 51 6.67 29.00 35.67 13 80 403 483 55 6.15 31.00 37.15 14 80 462 542 59 5.71 33.00 38.71 15 80 525 605 63 5.33 35.00 40.33 16 80 592 672 67 5.00 37.00 42.00 17 80 663 743 71 4.71 39.00 43.71 18 80 738 818 75 4.44 41.00 45.44 19 80 817 897 79 4.21 43.00 47.21 20 80 900 980 83 4.00
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