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Economics What is the markup of a firm/

Question # 00014825
Subject: Economics
Due on: 05/08/2014
Posted On: 05/08/2014 10:45 AM

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Can you explain how to solve this problem. It is not the exact question. I changed some numbers so that I can still answer the question myself.

A firm has market power in a market to sell 1000 sweatshirts. They sell them for $10 each. Total cost curve is TC=5-15q. What is the markup? What if the price elasticity of demand for the firm is now -5. what is the markup?

Tags firm markup economics question firm sell market markup cost total tc515q demand elasticity price sweatshirts curve power exact problem solve changed numbers explain answer 0

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