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Answer the question on the basis of the following demand and cost data for a specific firm. Demand Data Cost Data (3) Total (1) Price

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Answer the question on the basis of the following demand and cost data for a specific firm. Demand Data Cost Data (3) Total (1) Price (2) Price Quantity Output Total Cost $55 $35 2 2 $45 50 30 3 3 55 45 25 4 4 70 40 20 5 5 90 35 15 6 6 115 30 10 7 7 145 25 5 8 8 180 Suppose that entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will

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