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The manager of Beta Company is considering to sell its new product at the price of $500 and the price elasticity of demand at the

The manager of Beta Company is considering to sell its new product at the price of $500 and the price elasticity of demand at the price range is -0.8. (i) What is the marginal revenue from the sales of the product at the demand point? and (ii) As a consultant to this company, are you going to recommend to the company a higher price or a lower price than $500? why or why not ? 

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