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4. Profit maximization in the cost-curve diagramThe following graph plots daily cost curves for a firm operating in the competitive market for instant pots.Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates.PRICE (Dollars per instant pot)10090807060504030201005101520253035404550QUANTITY (Thousands of instant pots per day)ATCAVCMCProfit or LossIn the short run, given a market price equal to 50 per instant pot, the firm should produce a daily quant
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