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The Gringle Company has determined that the demand curve for its product is: Q=9300-8P
1) At what price and quantity would Gringle maximize revenue? What is its maximum revenue?
2) At what price and quantity would elasticity of demand equal -2.4. What is the P/MR at this point?
3) Assume Gringle wants to mark up its product by 40% above marginal cost. What price and quantity does this correspond to? What is the elasticity of demand at this point?
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