(Answered) Suppose you run a firm in a perfectly competitive industry

Economics

Suppose you run a firm in a perfectly competitive industry and would like to learn about what your competition is doing. You know that one of your competitors produces a single output using several inputs. The price of output rises by $4 per unit. The price of one of the inputs increases by $2 and the quantity of this input that the competitor uses increases by 8 units. The prices of all other inputs stay unchanged. What can you deduce about the output of your competitor? Will it stay the same/increase/decrease/by how much?

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Business Economics, Economics

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