You compete with many firms offering similar products, Business Economics

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You compete with many firms offering similar products

You compete with many firms offering similar products (monopolistic competition). An economic consulting firm has estimated the own-price elasticity for your most profitable product is -1.50. Your marginal cost is constant at $75 across most of your production volume capability. What price will maximize profits? Show the computation.

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Business Economics: You compete with many firms offering similar products

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