Question
Suppose that you have estimated the following demand curve: Q=200-5*P+0.1*I where I represents income and P is price. Suppose that the average income is equal
Suppose that you have estimated the following demand curve:
Q=200-5*P+0.1*I
where I represents income and P is price. Suppose that the average income is equal to $30,000. If you were a revenue maximizing firm, would it be optimal to charge a price of $50?Justify your answer
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The Economic Consequences Of The Peace
Authors: John Maynard Keynes
1st Edition
1420905856, 9781420905854
