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Price elasticity of demand for consoles

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Reference no: EM132021344

My company needs to determine the profit-maximizing price for a video game console. My company currently charges $180 and manages to sell 2 million consoles per year. It costs $150 to manufacture a console while the price elasticity of demand for consoles is 3. What price should the company charge for the console?

All things considered, we assume the average purchaser of your video game console purchases ten video games, and my company earns $10 profit on each video game. What is the correct price my company should charge for consoles?

Reference no: EM132021344

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