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I. A firm is a monopoly in the output market and a perfect competitor in the input market. The price of the input is w
I. A firm is a monopoly in the output market and a perfect competitor in the input market. The price of the input is w = 2. The demand curve for the output y is y = 10 p.
1. If the production function is y = x, find the quantity of input the firm will hire, the quantity of output it will produce, and the price it will charge for the output.
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