Optimal price level-marginal cost

Reference no: EM1316952

Optional Price. Last month, Rick\'s Bike shop, Inc. increased the price on the 24 ounce can of bearing grease by 1%. In response, sales dropped by 4%.

1. Calculate the point price elasticity of demand for bearing grease.

2. Calculate the optional price for bearing grease if marginal cost is $4.50 per unit.

Reference no: EM1316952

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