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A firm has $1,100,000 in sales, a Lerner index of 0.62, and a marginal cost of $55, and competes against 1000 other firms in its

A firm has $1,100,000 in sales, a Lerner index of 0.62, and a marginal cost of $55, and competes against 1000 other firms in its relevant market.

Instruction:Enter your responses rounded to two decimal places.

a. What price does this firm charge its customers?

$____________

b. By what factor does this firm mark up its price over marginal cost?

____________________

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