Question: Please explain step by step with formula Question 1 The following table presents data on the output produced at different levels of labour inputs, TO

Please explain step by step with formula

Question 1 The following table presents data on the output produced at different levels of labour inputs, TO TFC VC AVC ATC MC (1000 $3000 2600 3000 DF 3200 3410 3700 4200 4800 5600 6500 10 7800 S Complete the table ii Suppose the firm is operating in a perfectly competitive industry and the market price is 6500. How much will the firm produce in the short run

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