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  3. figure 14 6 suppose a firm operating in a competit

Figure 14 6 Suppose a firm operating in a competitive market has the following cost...

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Basic Math

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Figure 14 6 Suppose a firm operating in a competitive market has the following cost curves PS P4 P3 31 Price Q1 Q2 Q3 Q4 is zero can be represented by the area P3 x Q3 can be represented by the area P3 P2 Q3 MC Refer to Figure 14 6 When market price is P3 a profit maximizing firm s profit can be represented by the area P3 x Q2 ATC AVC Quantity

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