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Suppose you read in an industry publication that the Rothschild index for the petroleum industry is 0.88. Based on past experience, you know that the price elasticity of demand for the petroleum products sold by your firm is ?1.5. Based on this information, you know that the elasticity of demand for a representative firm in the petroleum industry is:
a) 1.32
b) 1.70
c) -0.587
d) -1.32
Provide a general explanation of how business may maximize profit within each market type.
Elucidate how does N the number of firms in the market, affect each firms Demand curve. Explain why.
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