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Question: 1. The price elasticity of toy cars that you sell is -4.00; you currently charge a price of $5.00 and marginal cost of toy cars is $3.00.
a. Calculate the marginal revenue from the given information and decide whether you should increase output (sell more).
b. Do you need to increase the price or decrease the price?
c. Using the above information you should be able to find the price that will maximize your profits.
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A painting operation is performed by a production worker at a labor cost of $1.40 per unit. A robot spray-painting machine, costing $15000 would reduce the labor cost to $0.20 per unit. If the device would be valueless at the end of three years, what..
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