1.It is assumed that the toothpaste market is perfectl
Question and Solution
1.It is assumed that the toothpaste market is perfectly competitive and the current price of a case of toothpaste is 4
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1.It is assumed that the toothpaste market is perfectly competitive and the current price of a case of toothpaste is 42.00 CPI has estimaed its marginal cost function to be as follows MC=.006Q. The board would like to know how many caded of toothpaste should be produced in order to maximize profits.
2.What would happen to the profit maximizing level of output if the market price suddently rose to 54. per case?Explain why the output level changes.
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