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6 - Imagine youare a businessselling a very unique product with little competition that is very popular. How would you price your product? Considering that
6 - Imagine youare a businessselling a very unique product with little competition that is very popular. How would you price your product? Considering that the demand is inelastic, would you sell it close to your cost plus a small mark-up, or would you try to raise its price to increase revenue?
A - Indicate how you would price the product?
B - Explain why you are the setting price at this level
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