Q1. Your company charges $50 for a board game it invented and has sold 4,000 copies during the last year. The costs of the board game is $35. Elasticity for board games is known to equal to 2. Let's assume that the elasticity is a constant value. What price should you charge for a board game?

Q2. Later on, you found out that the elasticity for your product is not a constant value. Actually, the value changes at different price point. Let's assume the other information is the same as given in Q1. What price should you charge for a board game?

Q3. You need to determine the profit-maximizing price for a video game console. Currently you charge $180 and sell 2 million consoles per year. It costs $150 to produce a console, and the price elasticity of demand for consoles is 3. Now assume that, on average, a purchaser of your video game console buys 10 video games, and you earn $10 profit on each video game. What is the correct profit-maximizing price for consoles? (assume a linear demand curve)

Please also submit your excel sheets to show me how you arrive at your profit-maximizing price.