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Question 1

The graph below shows data for the production of apples for an individual firm operating in a perfectly competitive market.

The red line shows:

 

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Question 2

The blue line shows:

 

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Question 3

The black line shows:

 

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Question 4

At what quantity does this firm maximize its profit?

NOTE: If there are two quantities with the same level of profits, pick the larger of the two quantities!

 



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