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Perfectly competition ski resort business

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Reference no: EM131499105

Suppose that Keystone is a firm in perfectly competition ski resort business. If all Keystone's input price unexpectedly double, and at the same time the product price doubles, what will happen to Keystone profit-maximizing level of output and its profit in the short run? In the long run? (Assume Keystone begins from a position of long run equilibrium.)

Reference no: EM131499105

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