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Suppose the inverse market demand for a product is p = 150 Q. Firms produce at a constant MC = 100. A minor process innovation

Suppose the inverse market demand for a product is p = 150 Q. Firms produce at a constant MC = 100. A minor process innovation is available that will reduce marginal cost to 80. Find the following (show calculation steps): a. How much will a competitive rm be willing to invest in the innovation? b. How much will a monopoly rm be willing to invest in the innovation

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