TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.)

Jul 8th, 2015
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TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) You know from data collected on the Widget Market that market demand has recently decreased and market supply has recently increased. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? Remember that supply and demand are about the market supply and market demand, which is bigger than your own company. You are being given data on supply and demand for the whole market, and are being asked what effect that has on you as a small part of that market.

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Answer----------------------------A) I know that the market price is going to decline. I calculate the new equilibrium price, and I produce the amount of product at that price such that my marginal cost equals the marginal revenue for the last unit I would produce. So, given a new market price for

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