Illustrate levels and pricing for your widget facility

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Reference no: EM1357510

Supposed you managed a manufacturing facility that produces Widgets.

A.) Youknow from data collected on the Widget market that market demand has reccently increased and market supply has recently decreased. What decisions should you make regarding production levels and pricing for the Widget facility?

B.) Now, suppose that following the supply and demand changes in (a), a substitute good goes up in price, and your cost of production decreases. What new decision will you make regarding production levels and pricing for your Widget facility?

Reference no: EM1357510

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