What a manufacturer of each product might do

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Reference no: EM1319543

Q1. Consider chip plants: potato also computer. Assume there are a large rise in the Demand for computer chips also potato chips.

a. Elucidate how responsive to Demand is each in the market period?

b. Describe Illustrate what a manufacturer of each product might do in the short run to raise production.

c. Elucidate how does the long run differ for these products?

Q2. Illustrate what are the long-run effects on prices, output also profits in monopolistic competitive industries?

Reference no: EM1319543

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