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1. Now Suppose that the legue owners impose a luxary tax of 50 % on costs that are above $200,000. Calculate your profit maximizing

1. Now Suppose that the legue owners impose a " luxary tax" of 50 % on costs that are above $200,000. Calculate your profit maximizing output and price levels, and your profits. Now assume the players' association has its way and the tax is only 25% on costs that are above $500,000. Calculate your profit maximizing output and pricing levels, and your profits

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