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10) Answer the question on the basis of the following demand and cost data for a specific firm. Demand Data Cost Data
1 Price 2 Price 3 Quantit otal Ou nut Total Cost
$5 $3 If columns 1 and 3 are this firm's demand schedule, the profit~maximizing level of output will be

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When Marginal Revenue(MR) equals to Marginal cost(MC), at this point profit is maximized. some times MR is not equal to MC... View the full answer


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