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A firm faces the demand curve, P = 80 - 3Q, and has the cost equation C = 200 + 20Q.

a. find the optimal quantity and the price for the firm.

b. Now suppose that demand changes to P = 110 - 3Q. Find the new optimal price and quantity. Has there been an increase or decrease in demand. Explain.

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9496693

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