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 Your company is considering a price reduction on a product which currently sells for the price of $5.00. You know the price elasticity for the product is roughly equal to -2.3 over the range being considered for the price change. The product has been selling at the brisk pace of 500 per week. To increase market share, you would like to increase sales to 750 per week.

What price should you set? 

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9489778

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