Kodak currently sells its camera at $90 and sells 200 cameras per month... (show work)?
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Kodak currently sells its camera at $90 and sells 200 cameras per month. A close competitor, Olympic, has cut the price of a similar camera it makes from $100 to $80. Suppose the cross elasticity of demand between the two cameras is 0.4. a. What impact, if any, will the action by Olympic have on total revenue generated by Kodak, if Kodak leaves its current price unchanged? (Round your answer). (ANS: TR decreases by $15,300.) b. Now suppose that Kodak decided to sell the same quantity as it used to sell at $90. What would be the new price if price elasticity of demand between $90 and the new price is -2? (Round your answer). (ANS: $86)
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Answer:
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