User Account

All Pages

Profit-maximizing price for a video game console

Assignment Help Business Economics
Reference no: EM132013083

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: EM132013083

Questions Cloud

Calculate the present worth of annual expenditures : What interest rate should be used to calculate the present worth of annual expenditures on O&M during the upcoming five year period following
How relevant has studying biological psychology been : How relevant has studying biological psychology been to your life, and how will you apply what you have learned in this course to your life?
What are the fixed costs and what are the sunk costs : Their marginal cost, which is mostly labor, maintenance and ingredients (Barley, Hops and Yeast) is 2 per unit. What are the fixed costs and what are the sunk
Charge for each version of the software : (a) What are the optimal prices that you would charge for each version of the software?
Profit-maximizing price for a video game console : 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
Types of consumers who purchase its dolls : Suppose Mattel, the producer of Barbie dolls and accessories (sold separately), has two types of consumers who purchase its dolls: low-value consumers
Determine what is required in a substantive response : Provide a substantive contribution that advances the discussion in a meaningful way by identifying strengths of the posting, challenging assumptions.
Labor-maintenance and ingredients : Their marginal cost, which is mostly labor, maintenance and ingredients (Barley, Hops and Yeast) is 2 per unit. How do I draw a graph of the marginal cost curve
How australia can survive without stable exchange rate : And how Australia can survive without stable exchange rate?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

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.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd