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Question 3: Textbook Product: Textbook Selling price: $60 Sales in January: 500 Price elasticity: 5 The information above is provided by a bookstore. The store

Question 3: Textbook

Product: Textbook

Selling price: $60

Sales in January: 500

Price elasticity: 5

The information above is provided by a bookstore. The store manager wants to determine if $50 is the profit maximization price for this textbook. He also provides the following information:

Purchase price from publisher: $40

Question 3.1: Please create a linear demand curve based on the given information.

Question 3.2: Use Excel Solver to find out the profit maximizing price of this textbook.

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