Refer to the following table which gives the demand and, Business Economics

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Refer to the following table which gives the demand and

Refer to the following table which gives the demand and cost data for a price-setting firm:

Price Output Total Cost

$ 20 7 $36

19 8 $45

18 9 54

17 10 63

16 11 72

15 12 81

1) What is the profit-maximizing price?

a. $19

b. $18

c. $17

d. $16

e. $15

2) What is the maximum amount of profit that this firm can earn?

a. $104

b. $105

c. $106

d. $107

e. $108

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Business Economics: Refer to the following table which gives the demand and

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Business Economics: Refer to the following table which gives the demand and

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