1. Caterpillar Tractor is one of the largest producers of farm tractors in the world. They hire you to advise them on their pricing policy. One of the things the company would like to know is how much a 5 percent increase in price is likely to reduce sales. What would you need to know to help the company with their problem? Explain why these facts are important. 2.Will an increase in the demand for a monopoly lists product always result in a higher price? Explain Will an increaisne t he supply facing a monopsonist buyer always result in a lower price? Explain.
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