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You are trying to determine the profit-maximizing price for a video-game console. Currently, you are charging $180 and selling two million consoles per year. It

You are trying to determine the profit-maximizing price for a video-game console. Currently, you are charging $180 and selling two million consoles per year. It costs $150 to produce a console, and the price elasticity of demand for consoles is 3. Using Excel, a) What price should you charge for a console? b) Now assume that a purchaser of your video-game console buys, on average, 10 video games and you earn $10 profit on each video game. What is the correct price for consoles?

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