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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.
Solve for the new equilibrium. Illustrate what happens to the price received by sellers, the price paid by buyers, and the quantity sold.
q1. explain why each of the following statements are false. for each write the correct statement.a. a monopolist
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