Complete the table for review question 5-18 on page 176. After completing the table determine the approximate level of output associated with:
a. Where diminishing returns begins to appear.
b. The shutdown point for the firm.
c. The breakdown point for the firm.
2. For each of the following priced facing a purely competitive firm determine the optimal quantity and corresponding profit or loss.
Show all your work for each part of question 2.
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