Profit Maximization and Competitive Supply

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لحعجصمح() عا با ‎Vopios‏ a @erPeviy Cowpetiive Ourkets © Phi Ouxteizatiod a Ourcjcral (Revewue, Ourgjcral Oost, urd (Prob it Ouxicizativa ® Choosing Output ta the Gkort-Rua 9 Oke S 

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لحعجصمح() عا با ‎Vopios‏ 5 ۲ )6 tive ‏من‎ Gkort-Ruc Guppy Cure ® Ghort-Rua Darket Guppy a Chovsisry Output io the ‏)مورا‎ ۳ ۳ ‏)مورا ج رسصله۱»‎ Guppy Curve 9 Oke SD 

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® Choruterstivs vP PerPeviy Cowpetiive Ourkets d) Prive ‏باه‎ ۱ 9) Cree catry ocd exit 9 Oke 

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® Prive ‏رن‎ © Phe individual Pir sels o very sudll shone oP the totd warket culput cod, therefore, ‏عصوص !”أ اصووی‎ warket price. © Phe iodvidud poosuer buys tov swoll a shore ‏با تن تون‎ have cay ispoct oo worket price. 9 Oke S 

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® Produ ‏رورا‎ ‎© De products oP dll Pires ure perPent substitutes. © Exanples * @uricukurd products, vil, ‏امد را رو‎ 9 Oke Oo 

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® Pree etry ocd Cait © Owers coo usily switch Pow vor supplier to other. و و افو و ای رای مه ‎Guppliers‏ © 9 6 

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© Okt we sowe borers to eutry ocd exif? © Dre dl workets ‏ره‎ ® Okeu is 0 worket high) cowpetiive? 9 Oke O 

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PrvPit Ouatevizatiod # Op ‏موز‎ probits? © Possibly oP other vbievives * Revenue wuxtwizative * Oividead waxicvizatica ۰۵ ۹ 5-6 9 Oke SO 

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PrvPit Ouatevizatiod # Op ‏موز‎ probits? © Hah 3 ene * Over the Irogrpros wesiors would oot support the powpoay * Dikout profits, survival uclikely 

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PrvPit Ouatevizatiod # Op ‏موز‎ probits? ® Lops probit woxtcvizative is veld ood does ut exclude the possibiliy oP ‏ات‎ ‎bekuvior. 9 Olde 0 

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QDOarqcd Revenue, Dury Oust, oot ProPit Ouxicoizaiva ® Detercnining the proPit woxtviziey bevel oF ‏لهس‎ ‎۱ ‎۰ ‏سردا‎ )0( - 0 © Tord Ovst (C) = Og e 0 ‏ىن‎ : ‎Ad‏ - 21۲9 )م ‎ ‎ ‎ ‎ ‎ 

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PrvPtt Ouatcizaiod to the Gkort Qua Om Tord Qevecur 0 Cbpe oP R(q)= OR 

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PrvPtt Ouatcizaiod to the Gkort Qua 0 Obpe oF C(q)= OC Ohy ts vost postive whe ots zero? Ovi (vate per veor) 9 2 

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Qaqyed Revenue, Durcical Ovst, oot ProPit Ouxicoizaiva ® Qargied reveoue is the uddiigcd never Prow produciog oe wore uit oP vulput. 1" Dargie owst is the oddiicodl post Pro prooduciagy poe wore ‏انم‎ bP ‏الا‎ 

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QDOarqcd Revenue, Dury Oust, oot ProPit Ouxicoizaiva ۱ ‏مرن‎ A(q) od O(g) © Output levels: O- gy: * O@)> R(@) * Dexaive prot *PO +00 > R@) *OR > OC ۱ ‏ی‎ higher prot ct higher pirat 

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QDOarqcd Revenue, Dury Oust, oot ProPit Ouxicoizaiva 5 ‏ون‎ Bla) oral Of) © Question: Ohy & prot ‏وا سره‎ whee pupal zeny? eos 

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QDOarqcd Revenue, Dury Oust, oot ProPit Ouxicoizaiva 5 ‏ون‎ P(g) oval Of) ‏لاه‎ + © ‏<لو)‎ 0)( *MR>OC © ladies biker proba dhe neu وا تن © 

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QDOarqcd Revenue, Dury Oust, oot ProPit Ouxicoizaiva ۱ ‏مرن‎ A(q) od O(g) © Output level 9° * © ‏حلو)‎ 0) *MR=0C * Prob is waxtcrized 

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QDOarqcd Revenue, Dury Oust, oot ProPit Ouxicoizaiva © Questo © OW ts pot reduced whee producto wore pr ‏يكو مما دوجا‎ 

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QDOarqcd Revenue, Dury Oust, oot ProPit Ouxicoizaiva ‎A(q) ord O(G)‏ مرن ظ ‎Oupu levels bepord 9:‏ ° ‎٩ )(< 00‏ + < 6) ۰ سس وا ‎Phi‏ © ‎ ‎ 

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QDOarqcd Revenue, Dury Oust, oot ProPit Ouxicoizaiva © DherePore, it coo be suid: ‎we woxtkoed‏ رن و ‎wea DO = OR.‏ ‎ ‎ 

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‎Revenue, Darya Ovst,‏ مب( ‏کش رو ‎Aq‏ ‎Men‏ ‎Aq‏ ‎ ‎ ‎ed Profit Ouxteizaiva ‎Tone ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ 

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Obde OF PrvPis are ‏موی‎ دساكعجو‎ | QDarqed Qevene, Durga Oust, aod rohit Daxtertrath Aq Aq Aq ۱ MR. MC=Osotha Aa _AR AC 5 MR(q# MC(q) 

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Qaqyed Revenue, Durcical Ovst, oot ProPit Ouxicoizaiva = Dke Cow petitive ireo © (Prive tuker © Market vulput (Q) ood Fire vutput (9) © Dorel decwoad (D) oad Pro deword )9 ® Rig) ic 4 sircigh line 9 Obte OS 

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Soo 100 

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Qaqyed Revenue, Durcical Ovst, oot ProPit Ouxicoizaiva = Dke Cow petitive ireo © ‏بر وا سر وا يا‎ *edvidual producer setts oll ucts Por SP ان ‎oP the produver’s bevel oP‏ ول مسر 04P the producer tries tp reise price, sles ure Zev. 9 Oke OP 

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Qaqyed Revenue, Durcical Ovst, oot ProPit Ouxicoizaiva = Dke Cow petitive ireo > ی » ات ها و رها ما زا ول با ۰ حصاده وس «۰ ۳ < 6 < 0006 - 9 Oke CO 

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Qaqyed Revenue, Durcical Ovst, oot ProPit Ouxicoizaiva = Dke Cow petitive ireo من( ان و ۱ 9 Obte SS 

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Chovsiexy Output ta fhe Ghort Qua 1" De wil powbice produntion ued post usipsis wits dewwoed to detercpice vulput ced | 9 ۵» 0 

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voi DO = OR bu 09 ۵ 

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Chovsiexy Output ta fhe Ghort Qua ۰ Gueowary vE Production Oevisives ‏مت وا نت و‎ whea DO = OR OW PP > OTC te Fire is wohiogy proPite. ۰1 BOC <P < OTC the Firsp shod produce uta bss. ew P< BOC < OPO the Pirw should shut down. 9 ی 9 

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Tre Ghort+Rua Ouput oP Ouest oO 900 800 900 (ecw per dv) Okger O ‏»لت‎ OE 

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Gowe Cost Ovusideraioes Por Ouoncgers تاه ارو رو و ‎OD iree yuietices‏ 8 0) Qvernne variuble vost should ont be used us u substitute Por ‏مروت‎ ‎vost. ی 9 

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Gowe Cost Ovusideraioes Por Ouoncgers تاه ارو رو و ‎OD iree yuietices‏ 8 ©) © ste tew ‏وت وا موه‎ fedyer way have two powpourts, poly poe oF ‏وراه انرب‎ ‎pvst.‏ ام ‎9 ‏ی‎ SO ‎ 

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Gowe Cost Ovusideraioes Por Ouoncgers تاه ارو رو و ‎OD iree yuietices‏ 8 9) Ol ppportusity post should be ‏موه روص و موز‎ vost. 9 Ore 0 

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® Cowpertiive Pirw’s GhortRQuc Guppy Curve Cree (Sper ntl) ۳ ‏واه مت‎ itt bel whore OR = OO, ‏يجحا جد‎ te Pw bee ey 

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® ‏حرط07‎ ۳ GhortRua Guppy Curve © Observes: 9 ‏حدم‎ 0 9 ) 2 60 9 ۸ - 60 ® Guppy ts the aout oP putput Por every possible price. DkerePore: oP P= @,, hes g= ‏رو‎ ‎» ‏روم دص عد‎ hes ‏وو حو‎ 9 ی 9 

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‎Curve‏ بامس6 میج مان ‎® Cowpertiive Pirw’s 

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® Obsernuuiiow: © Guppy is upward sloping due to dicvicishicrey returas. © A Wigher price cowperusties the Pies Por higher vost oP additicod cutput ced iooreuses total proPit becouse it upplies to oll unite. 9 9 0 

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" Pirn’s (Respowe io ‏كد‎ dapat Prive Chace © Dkeu the price oP u Piren’s produnt choos, the Finn chooyes its cutput level, so thot the warqical vost OF productive newoies equal to the price. لب 9 

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و اوه نج 00 حا عاك 00 لج ‎wed y Pub & 95.‏ The Qespowse ve a Pir 0 a Choc ta Input Price Gournp ty te Pro Pree Grr wt) 

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Tre Gkhor-RQuc Production ‏یجان بو و‎ Products ‘Phe DO oP prockotey 98,000 8,000 40,000 M000 

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Tre Gkort+Ruc Produvioa ‏عسحاصك2 :ص‎ Produ ۳ ® Gtepped GOO tedicates ‏اما هن‎ productive (cost) process ot ‏رمرم عضو‎ levels. © Observation: ©» Dik ‏نب‎ stepped OO Pucntiog, savall choagyes ict price way vot trigger 0 chooge it pulpal. 9 Obde PS 

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Tre Gkort+Ruc Produvioa ‏عسحاصك2 :ص‎ Produ ۳ 5 ۲۱۱ shorn worket supply curve shows the awouet oP mutput thot the industry will produce ia the short-rod Por every possible proce. او عرص ند رتاو ‎Oovsider, Por‏ ® oc Obde 0 

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باه ۳ Iechsiry Guppy ta the Gkort Qua 

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Dre GhortRQua Dorket Guppy ‏جر‎ © Chosticiy oP Darket Guppy E, =(AQ/QM(AP/P) 9 Ore FO 

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۱ Guppy Ourve ® PerPeniy nelostio skort-nam supply wises whe the todustey’s plorat ord equipsect are sv Puy utilized that cevw plots oust be built 17 ubhieve yreuter vulput. ® erPeniy elostic short-am supply wises 9 Obde FO 

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۱ Guppy Ourve ® Qvuestivw 0( Give wa excople oP a perPeviy ©) ‏ع4‎ OC ses rapidly, would the supply 9 ۵» 0 

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Tre Oorld Copper >] ‏رصصسل-‎ )4999( ood Production ‏انا‎ ‎(howsodd wet tows) (dolars/pourd)‏ سوت 99 0 ری م0 20 ‎Cucada‏ ‏90 99800 علان 99 260 استی ها ‎Peru ۰50 0۶۰‏ 0.00 ۰90 ولو ‎Resa 500 090‏ ‎Outed Gries 690 0۶۰‏ 99 950 ت۷۳ ‎9 Oke 0 ‎ 

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‎F000 8000 C000 000‏ 6۵۵0 هه ‎Proketon (howrand wore tw)‏ ‎9 Obte SO ‎ 

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۱ Guppy Ourve ® Producer Gurplus ist the Gkort Qua ‎Pines bord u surplus va ol but the fost uit oP‏ و ان این ‎۱ is the suc pver ‏لك‎ units pooduced oP the dPReneuse betweed the warket proodurtioa. ‎9 Obte SO ‎ 

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Dre GhortRQua Dorket Guppy ‏جر‎ ‎® Producer Gurls ic the Gkort-Ruc @roduver Gurplus =PE=R - OC ١ ProPit =r -R- OOC-FC 9 Obte SS 

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۱ Guppy Ourve ® Observation © ‏ار مان‎ posiive Pixed post PG> a 9 Obte SO 

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Ckovsiey Output to hee boy Qua 84a the loony am, 0 Piecy ooo ober ofl its ‏رن‎ iuchodiag the size oP the plot. 8 Oe wee fee cory ond Pree ext. 9 Ore SO 

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Ouput Choice to the boo Que P=OR Aa ker short rv, ber Piro Posed wk Phord ‏.هجر‎ 230 < 00 Crotty ead e 000: Ara te box ra, be pho tae ull be feoreeerd wd op terrane ‏بو‎ Lower ‏,لامج‎ 0600 < short re prot BOO. (Sper vot oP vipa) 

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Ouput Choice to the boo Que بلس سدم صا ا/ نس ‎Pree‏ ‏100 موی اس ‎Per‏ باوج و ‎(Sper‏ ‏یت ‎ae bowery‏ 

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Ckovsiey Output to hee boy Qua © ‏امد رتیت‎ & Coowwsnic PrvPit © Boomnioy poh 3 6 - ‏ناس‎ ‎9 Rit ‏ره‎ = bor ost ‏رس ره‎ oost oP capital 9 Oke Od 

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Ckovsiey Output to hee boy Qua تامس تا) یر ‎ure posiive‏ تا ‎OW Rew trk, eoowwir‏ OW Raw tHk, ze eoowwir profits, but the Pins is rorcey a corel rote ‏له تحص ان‎ the industry is vow petitive ۰1 RR <i tk, poosider «ping vot oP business 9 605-68 

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Ckovsiey Output to hee boy Qua ® Cat ocd Exit ۱ respouse to short-run probity is 17 © PrP its Wil attract other producers. ات امه تلا وه ‎Oore produvers‏ © ی 9 

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Ckovsiey Output to hee boy Qua 8 ۱ ela Paar d) @C=0R e) ‏و -ه‎ ‏وه ۲ ما وا مضه و«‎ ‏,م۰‎ = O 9) Cquilibriucz Ourket Prive 9 ‏لب‎ OS 

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Ckovsiey Output to hee boy Qua ® Questo P <LOC wed Pirsos kawe ideotical posts. Pies hove diPPereat costs. 9) Okt is the vpportuctiy cost oF bord? ی 9 

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Ckovsiey Output to hee boy Qua ® Coowwir Rect © Covdwir red is the dPPereuve betweed what Finns one willy to pay Por oc ioput tess the writ umount uepessury to obtaic it. عه ل 9 

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Ckovsiey Output to hee boy Qua # Ou ‏ام‎ ‎© Tw Pires 0 & © ‏و‎ Bok nwa thetr hoor ® Bis tpodted va a river whick lwers 0's shippicry vost by $40 OOO vowpared to ۰ © Phe dewerd Por O's river lovoive wil ieoreuse the prive oP P's kad t7 $10, DOO 9 Oke OO 

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Ckovsiey Output to hee boy Qua ® Ou Cxanple ® Crowwwio rect = $10, OOD *$d0 OOO - zerv vost Por the food ‏دعجم جم دا ار من‎ 0 2 ۵ خر ار من و 9 Obte OS 

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Pinos Gara Dero Prob it ta Grea eho ‏(سشی ده‎ Ode TO 

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6 ‏مت‎ be awe vost ۰ ‏بات رها‎ ‏سب عاسج‎ Por $10. تسه مه (سشی ده ۷» 0 Pinos Gara Dero Prob it ta 

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Crews Carn Tero Profit ta LowpRuc Gqubbrivas ® ith ‏و‎ Pred toput suck us ‏وه‎ unique lpootivd, the diPPereuwe betwee the vost oF production (L®O =P) wed price ($(O) te the value pr vpportusiy ast oF the ioput (lovato) cord represeuts the epourwir reat Prov the iuput. 9 Oke TO 

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Crews Carn Tero Profit ta LowpRuc Gqubbrivas BOP the opportuaiy cost oF the foput (rect) is oot fokeu ity pousiderdive it way upped that eooUoWwir probits exist io the maroc. 9 Oe TS 

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Phe ‏”روص ج11‎ boo-Ruc Guppy Ouve © Phe shope of the ropes supply cove depeuds oo the exted to Wwhick chooges it industry ouiput oPPevt the prices the Pires wust pup Por ioputs. 9 ی 

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Phe ‏”روص ج11‎ boo-Ruc Guppy Ouve ‎supply, we weave!‏ رما تسیل ۳ ظ ‎۱ ‎۳ ‎® Output is ‏روا تسس‎ usiay wore iuputs, oot by ‏موز‎ ‎9 Oe 7S ‎ 

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Phe ‏”روص ج11‎ boo-Ruc Guppy Ouve ‏رما تسیل ۳ ظ‎ supply, we weave! اس اه بت حول و بت بلوت ۱ ۰ ‎ced pvotranivas oP the iodusiry.‏ ۳ ] 9 Ore TO 

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د دا باوص 8) ون ۱۳ ‎Coxsteat-Ovst Terdusiry‏ § 4a poostt-ovst teustry, ‏اوح مر‎ 0 korizodtd fae ot o prive thot is equel to the 9 ۵ TO 

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Loeer-Rua Gupply tao 

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د دا باوص 8) ون ۱۳ ماسجا" اوو )سوج جيم ص 1 ‎supply‏ رما رل امس جد ج11 "ا ‎pure is upward slppic.‏ ‎9 Ore OO ‎ 

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Te decksiry’s Loxer-Ruc Guppy Curve ® Qvuestivw 0) ‏ادام‎ kow ‏انوس مرول‎ is possible. ©( Thostrote uo depreusiag vet iedusiry. 9) Oka he sbpe Pte Gia 9 9۷» 0 

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‎Gupply ta oo‏ میجآپورا 

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د دا باوص 8) ون ۱۳ ‎supply‏ روا بلماعدلوا اودجوو جوج وصل ‎ou‏ "ا کر ‎vue is downward‏ ‎9 Ore OS ‎ 

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Te decksiry’s Loxer-Ruc Guppy Curve ۴ ۱ GPPRevts oP a Dux © ‏ون وت ون‎ we studied kow Pires resposd to taxes po oo input. ه صا موم ما وه ‎how‏ ویس ‎Dow, we wil‏ و تابن بر 9 Oe OF 

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GPPect oP aw Oupu Tax va a Cowprtiive Crew's Ouput 

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Pree + Sir ‏ر‎ 2 ۷ ‏وی‎ / nev) 6 6 Derchhe Oy ‏سر‎ ‎Py punt Pol Qo. Pree بوظ) ها سس( > 9 Ore OO 

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Te decksiry’s Loxer-Ruc Guppy Curve a ‏)مورا‎ Elasticity ve Guppy 0) )09 ‏أ05- اكاك‎ itusiry PLoeprec supply is korizveted © Gord faoreuse fu price wil ‏جه ده‎ pxtrewely large ‏وج نی‎ 9 Oke OF 

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Te decksiry’s Loxer-Ruc Guppy Curve a ‏)مورا‎ Elasticity ve Guppy )( Covstad-ovet industry ها راصنا سا واه ‎supply‏ سمدوجور| * امه رال ‎*apuis would be‏ 9 Okt 66 

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Te decksiry’s Loxer-Ruc Guppy Curve . ‏مورا‎ Elasticity ‏عم‎ Gupply Lopes supply is upuoard-slopiey cod elostiviiy is positive ¢Dke slope (closticiy) will depecd vo the rote oF fopreuse tu iopul ost ‎will yeserdhy be yneuter tho‏ واه مورا ‎shorten ehosticiiy oP supply‏ ‎9 Ore 9 ‎ 

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۳ ‏ع رسصل1‎ bowr-Rua Guppy Curve ® Qvuestiod ‎oP supply ia a‏ تاه متا سا سنمیز و ‎devreusiagy -vst inchustry.‏ ‎9 ۵» OD ‎ 

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® Open (1: Ouxer-vooupied Kousiccy © Guburbas or nord aeus © Datiocd warket Por ioputs 9 Oke Od 

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٩ 6 ‏عمنوین‎ ‎۱ © Okat would pou predict obvut the elosticiiy oP supply? 9 Obte SS 

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® Gpewri OC: (Reutal propery © ”] ‏حوور‎ resticiives apply © Orban ‏مسا‎ ‎© ‏اه ای را‎ و ی 9 

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® Qvuesiivews ‏توص و رو من اجه‎ iodustqy? © ‏دا(‎ would pou predict ubout the ehsticity oP supply? 9 Obde OF 

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عطه نون عا حا ‎pwwpetiive worket‏ 0 2 عا ۳ اوعد علا اما روموت وا ماوت جا ناه مره ۱ بسن ی 6 

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060 Bo the skort nn, ‏حمموت ما عرص ن‎ ‏وه مجتوصی بر تا جلا‎ culput ot whick prive is © OD ke short worket supply ‏رصح‎ is the ۱۳ susmevutiva oF the supply purves ve the ‏لو مه وا و‎ و ی 9 

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060 سكا كا بسنا ب عونا جن اإوصيج موصن لويم جز ‎”]١‏ ا" لجه متا وه مهو ونوا وال ‎the wicitouc post thot would be cevessury tv‏ ® Coowwir red is the popwed Por ou scorce resource oF productivg fess the wisit7us7 ۱ avout uevessury to kine that ‏ات‎ 9 Ore O? 

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060 84a the jpop, poPi-wurxievizioy po wpetiive Pirsvs choose the pulpal ot whick price is equal to loop worse ost. © Phe loexprog supply curve Por u Pir coo be ‏رتنس‎ upward slopiegy, or ‏وتو‎ \ Ore SO 

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Ex oP Ckupter ©