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Suppose a perfectly competitive firm produces 40 units of output per-period (e.g., daily) and sells all units for the market price of $6. If average fixed cost is $2, average variable cost is $1, and marginal cost is $6, then the firm:
i. is maximizing total profit by producing and selling 40 units of output
ii. earns a per-period total profit of $120
iii. earns a per-period total profit of $240
iv. should close down in the short run and suffer a loss equal to $80
What is the evidence of wrongdoing here How does business use politics here Is this government failure Is this market failure Who benefits and how Who loses What is the role of the media
q1. illustrate what is the elasticity of demand if you raise the price of your airlines tickets by 6 also the number of
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