You are the owner of a Mom and Pop store that buys milk from a supplier at a cost of $1 per gallon.If you estimate the elasticity of demand for milk sold at your store to be -3.5,what are your profit-maximizing markup and price?

Question

Quizplus · Accepted Answer

The Answer of You are the owner of a Mom and Pop store that buys milk from a supplier at a cost of $1 per gallon.If you estimate the elasticity of demand for milk sold at your store to be -3.5,what are your profit-maximizing markup and price?

You Are the Owner of a Mom and Pop Store