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    Price Elasticity:

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    Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the price elasticity of demand for the product it sells is (-)3. Find the price at which the firm sells the product.

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    https://brainmass.com/business/finance/price-elasticity-238157

    Solution Preview

    Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the ...

    Solution Summary

    This solution is comprised of a detailed explanation to find the price at which the firm sells the product.

    $2.19

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