Problem 11-11 (algo) 8 10 points You are the owner of a local Honda dealership Unlike other dealerships in the area, you take pride in your 'No haggle' sales policy Last year, your dealership eamed record profits of $15 million in your market, you compete against two other dealers, and the man level price elasticity of demand for midsized Honda automobiles is -16. In each of the last five years, your dealership has sold more midsized automobiles than any other Honda dealership in the nation. This entitled your dealership to an additional 25 percent of the manufacturer's suggested retail price (MSR) in each year. Taking this into account your marginal cost of a midsized automobilis $14,000 What price should you charge for a midsized automobile if you expect to maintain your record sales? Instructions: Enter your response rounded to two decimal places