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Use the following information to answer the market, at a price of Sé each. The fim has a fixed cost ofiowing table. Name remaining questions: A firm sells a product in a perfectly competitive Output AFC AVC TC TR Profit MarginalMarginal Revenue Cost 1O -G 24 18 vcfa R-TC 17. In the short-run, what level of output does the firm maximizes profit? 18. Is this firm open or closed in the short-run? 19. In the long-run, how much does this firm produce? 20. In the long-run, is this firm open or closed?
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Op APC. AVC TC TR. MR --12 410 12 0 16.6 18 12 84 8 Talke thus ar-3 4-12 こ12 80 TR-TU C 0, thus oum dw long, we do consides Anea cos also, 30 conn ha ·m-ve puobAs only, 얹hus gam should nor phoducein the short run, a firm will continue the production till it's able to cover all of its variable cost

In long run , firm should at least recover all its expenses ( fixed plus variable)

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