9. 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 profitmaximizing price and profitmaximizing output for this market.

c. Verify your answer graphically.