Hello everyone,
I am having difficulties finding the optimal price, profit and revenue in an assignment.
The questions reads:
When it is being sold to a price of $30/pcs., it sells 25 pcs./day. The price elasticity Ep is 3.
Find the optimal price, revenue and profit on sale of product on one ticket.
The fixed price is 500. I do have average value cost, total value cost, total cost, average total cost and average fixed cost calculated. But what is the next step?
I am really desperate for help - been looking on this over and over.
It is given, that:
Q 0 5 10
MC 11 10,52 10,08
I hope a friendly soul out there has a little bit of extra time to help me out on this one, would be truly appreciated!
Thanks in advance.
-Emil
I am having difficulties finding the optimal price, profit and revenue in an assignment.
The questions reads:
When it is being sold to a price of $30/pcs., it sells 25 pcs./day. The price elasticity Ep is 3.
Find the optimal price, revenue and profit on sale of product on one ticket.
The fixed price is 500. I do have average value cost, total value cost, total cost, average total cost and average fixed cost calculated. But what is the next step?
I am really desperate for help - been looking on this over and over.
It is given, that:
Q 0 5 10
MC 11 10,52 10,08
I hope a friendly soul out there has a little bit of extra time to help me out on this one, would be truly appreciated!

Thanks in advance.
-Emil