Question
Initial sales were around 800 (in thousands) and the own price elasticity in this market is -0.75 at an initial price of $350. (Assume that
Initial sales were around 800 (in thousands) and the own price elasticity in this market is -0.75 at an initial price of $350. (Assume that your price elasticity is equal to -0.75 for any price that you calculate below.) However, to enter the market with a splash and sell more phone accessories and apps, Xiaomi has determined that its target sales are 1,010 phones (in thousands).
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Managerial Economics and Business Strategy
Authors: Michael R. baye
7th Edition
978-0073375960, 71267441, 73375969, 978-0071267441
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