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1) Toys Corporation has estimated its demand and cost function as follow:
Q = 25 - 0.05P
TC = 780 + 200Q
a) What will be the price and quantity if Toys would like:
1) Maximize profits
2) Maximize income
3) Maximize income, but requires aminimum profit of $300?
The firm's president concurs with the opinion of the executive vice-president and As the head of marketing you respond with a memo pointing out that the price elasticity of demand for the firm's product is about -0.5. Why is this fact relevant?
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