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Suppose that a firm faces a demand curve that has a constant elasticity of -2. This demand curve is given by q = 256/P^2. Suppose also that the
firm has a marginal cost curve of the form MC = 0.001q.
a) Graph these demand and marginal cost curves.
b) Calculate the marginal revenue curve associated with the demand curve; graph the curve.
c) At what output level does marginal revenue equal marginal cost?
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