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3.In 2017, a product was priced at $30.00 per unit and sold 500,000 units . In 2018, management increased the price by 10 percent although the unit variable cost, which was $9.50 in 2017, had increased by only 6 percent and total fixed costs had not changed at all. The total profit on this product declined by $900,000 in 2018.

What is the price elasticity of this product?

Assuming that the 2017 price represented the optimal mark-up price, what was the 2017 average cost per unit?

In 2017, a product was priced at $30.00 per unit and sold 500,000 units. In 2018, management increased the price by 10 percent although the unit variable cost, which was $9.50 in 2017, had increased by only 6 percent and total xed costs had not changed at all. The total prot on this product declined by $900,000 in 2018. i. What is the price elasticity of this product? ii. Assuming that the .2017 price represented the optimal mark-up price, what was the 2017 average cost per unit? "\\