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Otto the Bus Driver is also a producer of oranges in a perfectly competitive market that is currently in long-run equilibrium at the price of $50. At equilibrium quantity of 100 trees, Otto’s average variable cost per tree is $35. Draw a graph for both the industry and Otto’s firm (include MR, MC, ATC, and AVC) Label the area of Otto’s Total Revenue Label the area of Total Cost Label the shut down point
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