I can't figure out this math equation for "The Importance of the Price Elasticity of Demand:...

I can't figure out this math equation for "The Importance of the Price Elasticity of Demand:

MC=P(1+(1/Ed))

My marginal cost(MC) is $50/month and that the price elasticity of demand (Ed) is -2.5, what price will maximize my firm's profits? $50=P(1+(1/-2.5))

Expert Solution

In monopoly markets there is always a trade off between price and quantity . We know that monopoly profit maximization point is : MR = MC ( Marginal revenue = Marginal cost ) .

Price is = 83.33 $ ( approx)

Rahul Sunny answered 2 years ago

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