3. The following graph shows cost curves for a perfectly competitive firm. The market price of each unit of output is $2.60, Find the firm's profits when it produces 800 units of output. Is this output optimal? Explain your answer. MC 2.60 ATC AVC 1.60 1,50 0.80 0.70 0.60 500 800 1100 OUTPUT Price and costs (dallars)

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