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The Lerner index is 0.71. Find the markup over marginal cost. An industry commonly suggests using a markup factor of 9.22 to price goods. Find

  1. The Lerner index is 0.71. Find the markup over marginal cost.
  2. An industry commonly suggests using a markup factor of 9.22 to price goods. Find the industry Price(Percent) Contribution Margin.

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