Question: Ordinary fall 2018 1 Internal increasing returns Consider the British market for footwear. This market can be well described by a model of monopo- listic

Ordinary fall 2018 1 Internal increasing returns Consider the British market for footwear. This market can be well described by a model of monopo- listic competition, where firms are symmetric (Le. they have the same marginal costs C and the same fixed cost P). 1.1 The demand curve for each footwear manufacturer can described by equation (1). Intuitively describe the main properties of each local monopolist's demand curve. Q=Sx[1b>

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