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Demand Data Cost Data (1) Price (2) Price (3) Quantity Total Output Total Cost $50 $35 2 2 $45 45 30 3 3 55 40
Demand Data | Cost Data | |||
(1) Price | (2) Price | (3) Quantity | Total Output | Total Cost |
$50 | $35 | 2 | 2 | $45 |
45 | 30 | 3 | 3 | 55 |
40 | 25 | 4 | 4 | 70 |
35 | 20 | 5 | 5 | 90 |
30 | 15 | 6 | 6 | 115 |
25 | 10 | 7 | 7 | 145 |
20 | 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 decrease to
- $25.
- $35.
- zero.
- $70.
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