1. A study indicated that the optimal price for a consumer product is $32.45. Most products in the market sell for $29.99. What price would you suggest to retailers for selling the product and why?

Principles of Economics 2e
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ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
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Problem 32CTQ: Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price...
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1. A study indicated that the optimal
price for a consumer product is
$32.45. Most products in the market
sell for $29.99. What price would you
suggest to retailers for selling the
product and why?
Transcribed Image Text:1. A study indicated that the optimal price for a consumer product is $32.45. Most products in the market sell for $29.99. What price would you suggest to retailers for selling the product and why?
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