If the marginal revenue from a product is $15 and the price elasticity of demand is...
If the marginal revenue from a product is $15 and the price elasticity of demand is −1.3, what is the price of the product?
$8
$65
$50
$20
Homework Answers
Use the following formula to find the price of the product:-
P=MR(E/1+E)
=15(-1.3/1-1.3)
=15(4.33)
=64.95
=65
Option(B)
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