Answer the question on the basis of the following demand and cost data for a specific firm.
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Question:
Answer the question on the basis of the following demand and cost data for a specific firm.
| Demand Data | Cost Data | |||
| (1) Price | (2) Price | (3) Quantity | Output | Total Cost |
| $11.00 | $10.00 | 6 | 6 | $61 |
| 9.99 | 8.85 | 7 | 7 | 62 |
| 9.00 | 8.00 | 8 | 8 | 64 |
| 8.00 | 7.00 | 9 | 9 | 67 |
| 7.10 | 6.10 | 10 | 10 | 72 |
| 6.00 | 5.00 | 11 | 11 | 79 |
| 5.15 | 4.15 | 12 | 12 | 86 |
If columns (1) and (3) of the demand data shown are this firm's demand schedule, the profit-maximizing level of output will be
Multiple Choice
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12 units.
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8 units.
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10 units.
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9 units.
Expert Answer:
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Related Book For 
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
