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Demand schedule and cost data

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Reference no: EM132480008

Assume a market of perfect competition that is faced with the demand schedule and cost data shown below.

Q P TC

1 120 50

2 110 75

3 100 100

4 90 128

5 80 165

6 70 205

7 60 255

8 50 315

b. Determine the profit-maximizing price and profit-maximizing output for this market.

c. Verify your answer graphically.

Reference no: EM132480008

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