(5) If the price elasticity of demand for a good is 0.8, then a 4 percent decrease in the quantity of the good demanded might result from a 3.2 percent increase in the price of the good.

(3) In a duopoly if the firms have agreed to jointly maximize profits, then each firm can increase its current profits by producing more. Use the following table to answer question (4) and (5). Listed in the table are the long-run total costs for two firms.