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The left-hand side of the following graph shows market demand and supply curves in a competitive market. Draw the demand facing a competitive firm selling in this market on the right-hand graph.

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a. What is the firms demand elasticity at 200 units of output? At 400 units?

b. What is the firms marginal revenue from selling the 200th unit of output? From the 400th unit?

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The left-hand side of the following graph shows market demand and supply curves in a competitive market. Draw the demand facing a competitive firm
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