Calculate mc and use same equation to find out new price, Microeconomics

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Calculate mc and use same equation to find out new price

Suppose that new entry decreased your demand elasticity from - 2 to -3 (made demand more elastic). By how much should you adjust your price of $10? Use (P-MC)/P = 1/ l e l to calculate MC and then use the same equation to find out the new price. l e l is the absolute value of demand elasticity.

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Microeconomics: Calculate mc and use same equation to find out new price

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Microeconomics: Calculate mc and use same equation to find out new price

Reference No:- TGS045602

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : What is the company''s debt ratio

Q : Calculate the cross -price elastcity of demand

Q : State what is the ph at the halfway point of the titration

Q : What balances of joe''s and ed''s capital accounts would be

Q : Calculate mc and use same equation to find out new price

Q : What is the wacc for firm

Q : Determining enterprise value of carswell

Q : Average return and dispersion of returns

Q : What would happen to interest rates if no action is taken

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Calculate mc and use same equation to find out new price

Reference No:- TGS045602

Recent Questions Asked Microeconomics

Q : What is the company''s debt ratio

Q : Calculate the cross -price elastcity of demand

Q : State what is the ph at the halfway point of the titration

Q : What balances of joe''s and ed''s capital accounts would be

Q : Calculate mc and use same equation to find out new price

Q : What is the wacc for firm

Q : Determining enterprise value of carswell

Q : Average return and dispersion of returns

Q : What would happen to interest rates if no action is taken

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