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The Hanover Manufacturing Company believes that the demand curve for its product is P=5 - Q Where P is the price of its product in dollars and Q is the number of millions of units of its product sold per day. It is currently charging a price of $1 per unit for its product.
a. Evaluate the wisdom of the firm’s pricing policy.
b. A marketing specialist says that the price elasticity of demand for the firm’s product is -1.0. Is this correct?
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Two firms are planning their marketing strategies. Firm K can earn $25 million in profits from strategy S if firm L responds with strategy P, and $7.5 million in profit from S if L responds with strategy Q. Firm K can follow strategy T, which returns..
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