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How much leather should the firm produce

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Reference no: EM132492033

A firm produces leather shoes. Its internal demand for leather is P=40-Q. The firm also produces leather at marginal cost MC=Q. There is a competitive market for leather which provides leather at P=10.

a) How many shoes and how much leather should the firm produce?

b) Suppose the firm refuses to buy and sell leather on the market. How many shoes and how much leather should it produce?

c) Does this help or hurt profits? By how much?

Reference no: EM132492033

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