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Assume that your business firm is a price taker and that the company sells widgets at $10 apiece. Your firm is maximizing profits. One of your engineers discovers the presence of a substitute input that enables you to cut your production costs in half. Given that information, answer the following questions:
What price will you charge for your widgets following the discovery of the input and its subsequent use in production? Why? Will you decrease output, increase output, or keep output the same? Why?
This document contains various important questions and their appropriate answers in the subject field of Economics.
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