Find the new profit maximizing output
Suppose competitive market faces the short run price of $10. Determine the following: Profit maximizing output; Approximate mark up over cost; In long run, the price falls to $7.50. Why? Find the new profit maximizing output?
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Determine the following: Profit maximizing output; Approximate mark up over cost; In long run, the price falls to $7.50. Why? Find the new profit maximizing output?
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