Question: Answer using the following cost data for a firm in a perfectly competitive market. Cost data TFC 12 12 12 12 12 Q 1

Answer using the following cost data for a firm in a perfectly

Answer using the following cost data for a firm in a perfectly competitive market. Cost data TFC 12 12 12 12 12 Q 1 2 3 4 5 6 12 TVC 5 9 14 20 28 38 a. How many units will the firm produce in the short-run if the market price is $9? What are profits? b. How many units will the firm produce in the short-run if the market price is $7? What are profits? c. How many units will this firm produce in the short-run if the market price is $3?

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