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The above graph is for a perfectly competitive firm. The curve… Image transcription textSMC 225 D – MR = P ATC Price and cost (dollars) 135 125 AVC 75 0 400 800 b Quantity… Show moreThe above graph is for a perfectly competitive firm. The curve labelled “SMC ” is the Marginal Cost curve, D = Demand and Marginal Revenue curve, ATC = average total cost curve, AVC is the average variable cost curve.(a) What is the profit maximizing price and output?(b) At the profit maximizing price and output what is the average total cost and average variable cost and average fixed cost?(c) At the profit maximizing price and output what is the amount of profit earned by this firm? (d) At what price would the firm earn zero profit (or loss)? Business Economics ECON 520

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