Solved Assignments According to the definition, a perfectly competitive firm cannot affect the market price by any…

  

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According to the definition, a perfectly competitive firm cannot affect the market price by any changing only its own output. Producer No. 27 in problem 2 decides to experiment by producing only 8 units. a. What happens to the market price? b. Calculate the elasticity of demand facing Producer No. 27 for its own output. c. What happens to Producer No. 27’s revenue as a result of cutting output? d. Experiment to find the approximate number of firms that must agree to cut their output by 2 units apiece before it becomes profitable for them to do so as a group. Might the reduction in output fail to raise profits even if all firms in the market agree to make such a cut? Explain.

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