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Assume the price elasticity of demand for physicians' services is -0.2. If your marginal cost per visit is $20, what is your profit maximizing price

Assume the price elasticity of demand for physicians' services is -0.2. If your marginal cost per visit is $20, what is your profit maximizing price if you control 5 percent of the market?

What is your profit-maximizing price if you control 15 percent of the market?

What lessons do you draw from this information?

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