Imagine that you were setting up a small lemonade stand. There are lots of others in...

Imagine that you were setting up a small lemonade stand. There are lots of others in the neighborhood. How would you determine both your costs of production and what price to charge? (Hints: (1) Remember the profit maximizing steps discussed in the text; (2) Be sure to distinguish between fixed and variable costs.(3) This is a perfect competition discussion; all lemonade is identical.)

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Rahul Sunny answered 1 year ago

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