homer boats for sale
Posted December 29, 2007
By admin
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maximizing profit question? ?
Homer has monopoly on boat sales in the region. He charges $1500 for each of the eight boats he is selling and the price elasticity of demand at this price is -2. If the marginal cost of the eighth boat produced is $1200, is Homer maximizing profit? Please explain your answer.
Been stuck on this one for a while, any help is greatly appreciated, thank you!
the profit is maximized at MR = MC so he should sell more and his MC will go up and so will his Profit until his MC = MR ie MC = 1500
no need to use elasticity info.
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