economic profit and market power
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The two attachments are all guidelines to solve nos. 2 and 4 of chapter 11.
See the attached files.
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The solution discusses economic profit and market power.
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2. We are told to refer to the figure on page 233. Here we wee that equilibrium is where marginal revenue and marginal cost are the same. The firm sells at the price this quantity commands on the demand curve. So you need to draw a line on the figure as show on the attached file. These lines give us a quantity of six. We trace this quantity up to the demand curve (red line) and over to the y axis (blue line). ...
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