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A firm has $3.5 millionin sales, a Lerner index of 0.67, and a marginal cost of $50, and competesagainst 800 other firms in its relevant market.

a. What price does thisfirm charge its customers? SHOW all work

b. By what factor does this firm mark up its price over marginalcost? SHOW all work

c. Do you think this firm enjoys much market power? Explain

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