Don't answer by pen paper and don't use chatgpt otherwise we will give dounvote In 2015, Apple introduced the Apple Watch. Assume that the cost of producing the 38mm Apple Watch Sport was $89. The price was $365. What was Apple's price/marginal cost ratio? What was its Lerner Index? If Apple is a short-run profit-maximizing monopoly, what elasticityof demand did Apple believe it faced?Apple's price/marginal cost ratio wasThe value of Apple's Lerner Index (L) wasApple's elasticity of demand (e) is(Enter your response rounded to two decimal places.)(Enter your response rounded to two decimal places.)(Enter your response rounded to two decimal places and include a minus sign.)

The Lerner Index is an economic measure that is used to estimate the degree of market power held by…

In 2015, Apple introduced the Apple Watch. Assume that the cost of producing the 38mm Apple Watch Sport was $89. The price was $365. What was Apple's price/marginal cost ratio? What was its Lerner Index? If Apple is a of demand did Apple believe it faced? Apple's price/marginal cost ratio was (Enter your response rounded to two decimal places.) The value of Apple's Lerner Index (L) was (Enter your response rounded to two decimal places.) Apple's elasticity of demand (c) is (Enter your response rounded to two decimal places and include a minus sign.)

In 2015, Apple introduced the Apple Watch. Assume that the cost of producing the 38mm Apple Watch Sport was $89. The price was $365. What was Apple's price/marginal cost ratio? What was its Lerner Index? If Apple is a of demand did Apple believe it faced? Apple's price/marginal cost ratio was (Enter your response rounded to two decimal places.) The value of Apple's Lerner Index (L) was (Enter your response rounded to two decimal places.) Apple's elasticity of demand (c) is (Enter your response rounded to two decimal places and include a minus sign.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Don't answer by pen paper and don't use chatgpt otherwise we will give dounvote

In 2015, Apple introduced the Apple Watch. Assume that the cost of producing the 38mm Apple Watch Sport was $89. The price was $365. What was Apple's price/marginal cost ratio? What was its Lerner Index? If Apple is a short-run profit-maximizing monopoly, what elasticity
of demand did Apple believe it faced?
Apple's price/marginal cost ratio was
The value of Apple's Lerner Index (L) was
Apple's elasticity of demand (e) is
(Enter your response rounded to two decimal places.)
(Enter your response rounded to two decimal places.)
(Enter your response rounded to two decimal places and include a minus sign.)

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