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Using the chart below, complete 1 and 2 below.
Price
Quantity
per unit
demanded
$10.00
25
9.50
30
9.00
35
8.50
40
8.00
45
7.50
50
7.00
55
6.50
60
6.00
65
5.50
70
5.00
75
c. . $ 6.50 to $ 6.00 d. $ 6.00 to $ 5.50
e. $5.50 to $5.00
2. For each of the above write beside your answer whether the demand is elastic, inelastic, or unit elastic.
Problem 1
Complete the following table assuming perfect competition.
Q
TR
MR
MC
TVC
TFC
AFC
AVC
TC
Profit
0
15
1
2
85
3
105
4
115
5
140
6
170
7
211
8
271
Price=30
At what level of output is profit maximized?
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