The marginal cost of preparing a large latte in a specialty, Econometrics

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The marginal cost of preparing a large latte in a specialty

The marginal cost of preparing a large latte in a specialty coffee house is $1. The firm's market research reveals that the elasticity of demand for its large lattes is constant, with a value of about -1.3. If the firm wants to maximize profit from the sale of large lattes, about what price should the firm charge?

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