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Intek Corporation produces memory chips. Using product sale data, the company's economist estimates the inverse demand function for the memory chips to be P = 200 - (1/4)Q. Intek is currently charging $140 per memory chip and the marginal cost is estimated to be $80 per unit.
-Graph the inverse demand curve for memory chips. Find the company's total revenue and profit given the current price level.
-Calculate the price elasticity of demand at the current price and quantity level. Interpret your results.
-Do you expect the total revenue to increase or decrease if price were to decrease to $130? Mark on the graph and calculate the price and quantity effect.
-Has the firm priced the memory chips correctly at P=$140 or do you recommend a different price? Explain
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