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Suppose Hoodies' demand and cost functions for selling hoodies is similar to other firms in this market. What does theory predict will happen to the
Suppose Hoodies' demand and cost functions for selling hoodies is similar to other firms in this market. What does theory predict will happen to the price of hoodies over the long run in this market? Briefly explain, incorporating the concept of the own-price elasticity of demand. You should assume that the cost functions above incorporate all implicit and explicit costs of production
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