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How does MRS and the ratio of the prices relate to MB and MC? Based on this relationship, describe why the MRS between two goods must equal the ratio of the prices for the consumer to achieve maximum satisfaction.
Microeconomics, Economics
A market is supplied competitively by 50 low- cost firms, each with cost curve C(q) = 350 + 2q+ q^2, and n high-cost firms, each with cost curve C(q) = 400 + 2q +q^2. Market demand is Q = 2500 - 10*p. If none of the high ...
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