The demand for a firm's product on a market is given to be q = 40-2p. Find the price the firm charges on that market, if MR = 10 at the point of profit maximization. If the price elasticity of demand on a second market is -2, what is the price the firm should charge on the second market to maximize its profit? Which market is more elastic? Does the more elastic market get the lower price?

The demand for a firm's product on a market is given to be q = 40-2p. Find the price the firm charges on that market, if MR = 10 at the point of profit maximization. If the price elasticity of demand on a second market is -2, what is the price the firm should charge on the second market to maximize its profit? Which market is more elastic? Does the more elastic market get the lower price?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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