Problem
1. What is the markup? How is it determined and what is the difference between markup on cost and markup on price, and how the price elasticity of demand is relevant?
2. What is the major strategy for firms on multiproduct pricing? How would a firm producing many products ensure its ultimate goal of maximizing profits?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.