Consider the following graph of the average and marginal cost functions for a firm in a perfectly competitive market. 30 25 20 15 P 10 7 5 0 0 AC 2 4 5 q 6 MC 8 At a price of P=10: (i) the firm's profit-maximizing quantity is (ii) the average cost of production is (iii) the marginal cost of production is (iv) the firm's total profit is (v) the firm's variable profit is 10

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