Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / A firm manufactures a product that it sells for $100

A firm manufactures a product that it sells for $100

Economics

A firm manufactures a product that it sells for $100. It sells 1000 units per week.

a. What is its total revenue?

b. It costs the firm $80 to produce a unit. With the given sales volume, what profit, if any, is the firm making?

c. The firm's manager knows that the demand for the product is highly elastic. Given that, would he make more profit if he reduces the price? Why?

Option 1

Low Cost Option
Download this past answer in few clicks

2.88 USD

PURCHASE SOLUTION

Already member?


Option 2

Custom new solution created by our subject matter experts

GET A QUOTE

Related Questions