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Can you please give me a step by step solution to this problem?
The manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to -3. The firm's marginal cost is constant at $30 per unit.
a. Express the firm's marginal revenue as a function of its price.
MR = × P
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Parkleigh presents an hourly salary also the employee discount. Kaufmann's offers only an hourly wage.
An absence of property rights often leads to market failure. When this is the case, how does society usually solve the problem?
Find out the firm's total fixed cost. Find out the firm's total variable cost. Find out the firm's short run marginal cost. Find out the firms average variable cost.
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