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Consider the market for a new CD, where the price is initially $7.00 and 32 thousand copies are sold, as indicated in the figure
Consider the market for a new CD, where the price is initially $7.00 and 32 thousand copies are sold, as indicated in the figure at point A. The music company is considering lowering the price to $5.00, at which price 40 thousand copies would be sold. What is total revenue at the initial price (at point A)? Revenue is initially $ thousand.
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Microeconomics
Authors: Christopher T.S. Ragan, Richard G Lipsey
14th canadian Edition
321866347, 978-0321866349
