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q TFC TVC TC MC AVC ATC 0 $100 $0 $100 -- -- -- 1 100 40 140 40 40 140 2 100 60 160 20 30 80 3 100 90 190 30 30 63.33 4 100 124 224 34 31 56 5 100 180 280 56 36 56 6 100 264 364 84 44 60.67 7 100 372 472 108 53.14 67.43 2.1) If the market price is $20, then this firm will maximize profits by producing ________ units of output. (1M) 2.2) If the market price is $84, then this firm will maximize profits by producing ________ unit(s) of output and its profits will be ________. (1M) 2.3) If the market price is $84, then in the long run the firm will _________. (1M) 2.4) If the market price is $34, then in the long run the firm will _________. (1M) 2.5) If the market price is $34, then in the short run the firm will __________. (1M) 2.6) If the market price is $30, then this firm will maximize profits by producing ________ units of output. (1M) 2.7) The shutdown point price for this firm is _______. (1M) 2.8) The lowest output this firm would produce before shutting down is ________ units. (1M)
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