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a)   There are three companies, Alpha, Beta, and Delta who have the following data. Alpha      ...

a)   There are three companies, Alpha, Beta, and Delta who have the following data.
Alpha       TR=$1.5m       TC= $1.0m
Beta       TR=$1.1m       TC= $1.0m
Delta       TR=$1.0m       TC= $1.0m
There is an increase in the price of oil such that each company sees an increase in cost of $100,000. Please state the profit (or loss) of each company now and explain each.
b)   Explain what happens to each company in the short-run.
c)   Explain what happens to each company in the long-run.

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