the profit maximization output for the firm
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The profit maximization output for the firm is exhibited.
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Please see the attached file.
1. a) At output qg, P = ATC, so economic profit is zero.
b) Output rate for which P is greater than ATC, positive economic profits are available.
c) Output rate for which P is less than ATC, economic losses occur.
In the long-run, only zero economic profits can be made. So, in figure ...
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