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April 21, 2015

Homework Help: economic

Posted by Anonymous on Tuesday, April 14, 2009 at 12:42pm.

Suppose that Keystone is a firm in perfectly competition ski resort business. If all Keystone’s input price unexpectedly double, and at the same time the product price doubles, what will happen to Keystone profit-maximizing level of output and its profit in the short run? In the long run? (Assume Keystone begin from a position of long run equilibrium.)

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