Following a market-wide increase in supply from new competitors, the equilibrium price for a custom phone grip has fallen to $8.00. A company that also recently expanded its operations finds its average cost to produce one grip is now $7.50. To achieve a total daily economic profit of $400, how many phone grips must the company produce and sell each day?
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Following a market-wide increase in supply from new competitors, the equilibrium price for a custom phone grip has fallen to $8.00. A company that also recently expanded its operations finds its average cost to produce one grip is now $7.50. To achieve a total daily economic profit of $400, how many phone grips must the company produce and sell each day?