What is the new profit maximizing output

Reference no: EM131124968

1.Assume the competitive market shown below faces a short run price of $10. Using the graph below, identify the following:

Profit maximizing output:_______________________

Approximate mark up over cost _______________________

In the long run, the price falls to $7.50. Why does this happen?

What is the new profit maximizing output?

Reference no: EM131124968

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