Suppose market demand and supply are given by Q d = 100 – 2P and Q S = 5 + 3P.
September 3, 2020
Refer to the information provided in Figure 6.1 below to answer the questions that follow. Figure 6.1 Refer to Figure 6. Assume Tom is on budget…
September 3, 2020

Answer and fill out the chart for question 11 on page 213 of the Ayers & Collinge (2005) textbook. (Note: You do not need to submit your numbers that you fill in the chart.) a) What output will maximize profit? What is this profit? b) Will output increase if the price rises to $4.50? To $5.25? Explain your answer.

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