PS6 - (b) In a perfectly competitive market, what is the...

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ECON W3211.002 Intermediate Microeconomics Problem Set 6 Due Wednesday, November 10, 2010 1. Perloff, Chapter 7: 28, 29, 31, 32 2. Perloff, Chapter 8: 11, 12, 22 3. Answer the following questions: (a) In a perfectly competitive market, a firm’s marginal revenue is always equal to what?
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Unformatted text preview: (b) In a perfectly competitive market, what is the relationship between the market price and the cost of production? (c) Is it ever better for a perfectly competitive rm to produce output even though it is losing money? If so, when? 1...
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This note was uploaded on 10/03/2011 for the course ECON W3211 taught by Professor Elmes during the Fall '09 term at Columbia.

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