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State the profit maximization problem of firm 1 and use the first order condition to derive firm 1's reaction function.
Describe with numeral illustration that marginal revenue is always lower than the price when monopolists charge single price for all the units to sell.
Explain each of the following using supply and demand diagrams.
A decrease in the banana’s supply caused by the cyclone in Queensland causing the supply curve to shift to the left from s0 to s1.
Draw the production possibility curve and list the underlying assumptions.