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Computer memory chips are produced on wafers, each wafer having many separate chips that are separated and sold. The table below shows total costs for a perfectly competitive producer of computer memory chips. If the market price of a wafer is $2,400, how many wafers per hour the firm should produce to maximize profits
Q (per hour) Total cost
1 7900
2 8800
3 9900
4 11600
5 13200
6 18000
what is the probability P[G = R]?
What is the profit-maximizing point for a perfectly competitive firm?
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