Solved: What price does a firm charge its customers, Microeconomics

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What price does a firm charge its customers

Discussion:

A firm has $2,000,000 in sales, a Lerner index of 0.56, and a marginal cost of $35, and competes against 900 other firms in its relevant market.

Instruction: Round your answers to 2 decimal places.

a. What price does this firm charge its customers?

b. By what factor does this firm mark up its price over marginal cost?

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