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Teaching Since: Apr 2017
Last Sign in: 363 Weeks Ago, 5 Days Ago
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  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 05 May 2017 My Price 9.00

A firm currently charges a price of $100 per unit of output,

A firm currently charges a price of $100 per unit of output, and its revenue (price multiplied by quantity) is $70,000. At that price it faces an elastic demand (ϵQ,P -1). If the firm were to raise its price by $2 per unit, which o

unit, which of the following levels of output could the firm possibly expect to see? Explain.

a) 400

b) 600

c) 800

d) 1000

Answers

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Status NEW Posted 05 May 2017 12:05 PM My Price 9.00

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