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Suppose, in deciding what price to set for its latest animated movie, Disney decided to charge either $14.95 or $12.95 for a video or DVD. It estimated the demand for these videos or DVDs to be quite elastic. What price did it choose and why?

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Price is determined in this case.

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Well, really, you have to calculate this which requires info on the quantity demanded @ each price. But you don't have that info so the prof is seeing if you understand what happens when demand is very elastic to the point that it ...

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