(a) Using the data from graph, calculate the firm's total profit. (b) If the firm operates at optimum efficiency, how much will its output be? (c) If the firm were a perfect competitor, how much will its price be in the long run?
(a) Total Profit = (Price - ATC) × Output
= ($168 - $147) × 11.8
= $20 × 11.8
= $247.80
(b) 11.1; (c) $146.50
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