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Suppose you have 10 individuals with values {$1, $2, $3, $4, $5, $6, $7, $8, $9, $10}.  Your marginal cost of production is $2.50.  What is the profit-maximizing price?  Using this information, your boss tells you that price cannot drop below $9 because you cannot earn enough profit to cover your fixed cost.  What should you tell her? 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9528308

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