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Required information Based on the best available econometric estimates, the market elasticity of demand for your firm's product is -3. The marginal cost of producing
Required information Based on the best available econometric estimates, the market elasticity of demand for your firm's product is -3. The marginal cost of producing the product is constant at $100, while average total cost at current production levels is $175 Assume that the information about your firm's product from the problem changed to the following: Instruction: Update the data in your spreadsheet to the values above and enter the recomputed answers for the original questions. Required: 1. Determine your optimal per unit price if you are a monopolist. 2. Determine your optimal per unit price if you compete against one other firm in a Cournot oligopoly. 3. Determine your optimal per unit price if you compete against 19 other firms in a Cournot oligopoly Instruction: Enter your response rounded to two decimal places
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