Different observation plans for a fast-food restaurant
Two teams have two different observation plans for a fast-food restaurant.
Plan A - Observe the restaurant on three different days for one hour each time.
Plan B - Observe the restaurant once for three hours.
Which plan do you think is better? Why?
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Find expressions for the competitive equilibrium price and the quantity if there are n firms in the industry. Determine the equation for how much each firm produces? Calculate the equation for the profit of each firm?
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