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For microeconomics, can you verify what will happen in the…

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For microeconomics, can you...

For microeconomics, can you verify what will happen in the firm and market if there is a decrease in costs for the firm due to a new reserve of a key resource being discovered?

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12/7/2017
Business Tutor: Steve, MBA replied 7 months ago
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hi what are the requirements of this answer?

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Customer reply replied 7 months ago
Here is the full question: "Assume there is a decrease in costs for the firm due to a new reserve of a key resource being discovered. Explain what will happen in the firm and the market. What will happen to equilibrium price and quantity for the firm and the market? What happens to the number of firms in the market? Be sure to show the results on the graph as well as explain. Be sure to identify the initial equilibrium." Thank you for the help.
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