Estimate total revenue from sales of the book is given, Business Economics

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Estimate total revenue from sales of the book is given

Sales - Demand Elasticity

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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Business Economics: Estimate total revenue from sales of the book is given

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Business Economics: Estimate total revenue from sales of the book is given

Reference No:- TGS026008

Have a Question? (oR Write a Review)

Recent Questions Asked Business Economics

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Request for Solution File

Ask an Expert for Answer!!

Business Economics: Estimate total revenue from sales of the book is given

Reference No:- TGS026008

Recent Questions Asked Business Economics

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