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Sales - Demand Elasticity
1. The Inquiry Club at Jefferson University has compiled a book which exposes the sordid private lives of many of the professors on campus. Economics majors in the club estimate total revenue from sales of the book is given by the equation:TR = 120Q -0.1Q³
a. Over what range of sales is demand elastic?
b. Initially, the price is set at $71.60. To maximize total revenue, should the price be increased or decreased? Explain
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The Lexus LS 430, the top of the line Lexus sedan, riad a base price in Canada of C$85,700 during the fall of 2005. Restated in US dollars using the exchange rate prevailing then, that price is $71,885.
The ten firms have banded together to form a cartel, and the cartel sets the monopoly price. The cartel agreement limits each firm to an output of one-tenth of the total amount demanded at the cartel price.
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