The hanover manufacturing company believes that the demand, Business Economics

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The hanover manufacturing company believes that the demand

Managerial Economics 6th. ed. Ch 3. Problem 6

Q. The Hanover Manufacturing Company believes that the demand curve for its product is

P =5 –Q

Where P is the price of its product (in dollars) and Q is the number of millions of units of its products sold per day. It is currently charging a price of $1 per unit for its product.

a. Evaluate the wisdom of the firm's pricing policy

b. A marketing specialist says that the pricing elasticity of demand for the firm's product.

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