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You are the manager of a Mom and Pop store that can buy milk from a supplier at $3.00 per gallon. If you believe the elasticity of demand for milk by customers at your store is −4, then your profit-maximizing price is: $2.00.$2.50.$4.00.$5.00. Can you provide a brief explanation of how you came to the solution?

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You are the manager of a Mom and Pop store that can buy milk from a supplier at $3.00 per gallon. If you believe

the elasticity of demand for milk by customers at your store is −4, then your profit-maximizing price is:

$2.00.$2.50.$4.00.$5.00.

Can you provide a brief explanation of how you came to the solution?

 
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