A textile firm in a competitive industry employs a particularly efficient manager to run the operations at its production facility. In the textile industry, a plant manager typically makes a salary of $4,500 per month. The textile firm employing the superior manager faces the LAC and LMC curves shown in the figure below. In long-run competitive equilibrium, the price of the product is $9 a- A typical textile firm in this competitive industry has a minimum long-run average cost of $______. The typical textile firm earns economic profit of $______.

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