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A firm manufactures a product that it sells for $100
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?
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