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Question(s) / Instruction(s):

A manufacturer of integrated circuit chips has developed a demand schedule that shows the relationship between prices and demand based on a survey, as fol

Price           Number who would buy__

                $1                             300

2                              250

3                              200

4                              150

5                              100

 

  1. Graph a demand curve and the total revenue curve based on these data.  What price might be set based on this analysis?

 

What other factors should be considered before the final price is set?

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