The manager of a local monopoly estimates that the, Business Economics

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The manager of a local monopoly estimates that the

The manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to –3. The firm’s marginal cost is constant at $20 per unit. a. Express the firm’s marginal revenue as a function of its price. Instruction: Round your response to 2 decimal places. MR = x P b. Determine the profit-maximizing price. Instruction: Use the rounded value calculated above and round your response to 2 decimal places. $

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