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4. (TCO C) Answer the next questions (Parts A and B) on the basis of the following cost data for a firm operating in pure competition:OUTPUT TFC – TVC0 $500.00 0.001 500.00 70.002 500.00 130.003 500.00 170.004 500.00 200.005 500.00 300.006 500.00 510.00(a.) (15 points) Refer to the above data. If the product price is $185 at its optimal output will the firm realize an economic profit break even or incur an economic loss? How much will the profit or loss be? Show all calculations.(b.) (15 points) Refer to the above data. If the product price is $200 at its optimal output will the firm realize an economic profit break even or incur an economic loss? How much will the profit or loss be? Show all calculations

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