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In order to maximize profit, this perfectly competitive firm should produce:.a. 30 units of output. b. 60 units of output. c. 50 units of output. d. 40 units of output.
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An increase in the market price of men's haircuts, from $16 per haircut to $26 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 20 to 25. when the $26 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40 haircuts per day. what is the short-run price elasticity of supply? nothing (your answer should have two decimal places.) what is the long-run price elasticity of supply? nothing (your answer should have two decimal places.)
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In order to maximize profit, this perfectly competitive firm should produce:.a. 30 units of output....
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