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Suppose an auto manufacturer sells cars at $10,000 per car. Marginal costs are $5,000 per car. The vice president in charge of sales and marketing says that one month sales with discounts of 10% typically increase sales by roughly 80% during the sale, suggesting a demand elasticity of -8. You advise her to lower her prices on a permanent basis. She responds that her cars are durables and she is worried that she is "stealing" customers and shifting demand from the future. Does she have a point?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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