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Answer the next question on the basis of the following cost data for a purely competitive seller: TP TFC TVC 0 $45 $0 1 45 170 2 45 320 3 45 450 4 45 620 5 45 800 6 45 990 Refer to the above data. If the product price is $175 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the profit or loss be? Show all calculations

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