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1. Suppose currently e = -9/8 and the firm produces at a marginal cost of $1. (a) 6 points What is the profit maximizing price

1. Suppose currently e = -9/8 and the firm produces at a marginal cost of $1. (a) 6 points What is the profit maximizing price per unit? (b) 3 points What effect do we expect on e overtime if rivals enter the market

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