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Figure 11.3.5 Refer to Figure 11.3.5, which shows the cost curves and the...

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The horizontal axis represents Quantity in units per day and ranges from 0 to 50 with interval 10. The vertical axis represents Price and cost in dollars per unit and ranges from 0 to 50 with interval 10. A horizontal line at y equals 40 is labeled MR. An upward-sloping curved line that becomes steeper and passes through (20, 30) and (30, 40) is labeled MC.A u-shaped curve is labeled ATC. The ATC curve minimum is at (20, 30).There is a point at the intersection of the MC curve and the ATC curve at (20, 30). Dotted lines are drawn from the point perpendicular to both axes.There is a point at the intersection of the MC curve and the MR curve at (30, 40). A dotted line is drawn from the point perpendicular to the x-axis.

Figure 11.3.5

Refer to Figure 11.3.5, which shows the cost curves and the marginal revenue curve for a perfectly competitive firm. To maximize its profit, what quantity does the firm produce and what is the market price?

The firm produces ________ units a day and the price is ________ a unit.
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