Question: Problem 1: Profit maximization: TR - TC approach A competitive firm's short-run cost information is shown in the table below. Output Fixed Cost Variable Cost

Problem 1: Profit maximization: TR - TC approach A competitive firm's

Problem 1: Profit maximization: TR - TC approach A competitive firm's short-run cost information is shown in the table below. Output Fixed Cost Variable Cost Total Cost $9.00 $ 0.00 $ 9.00 1 9.00 8.00 17.00 2 9.00 15.00 24.00 W 9.00 21.00 30.00 4 9.00 26.00 35.00 5 9.00 32.00 41.00 6 9.00 39.00 48.00 7 9.00 47.00 56.00 8 9.00 56.00 65.00 9 9.00 66.00 75.00 10 9.00 77.00 86.00

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