If Connecting U wants to MAXIMIZE its profits, what should they do?a) Connecting U should maintain their price at $16. Dropping the price would decrease their total revenue and profits.b)Connecting U should drop their price to $14.48. By dropping the price, they would increase their total revenue and profits.is the answer b? Note- look at the info on the right-hand side of the pic ExecutiveMaterialsMidpoint FormulaConnecting U DataIf we drop our price by 10 percent to $14.48(according to the midpoint formula), our 10,000customers will purchase 4 gigabytes of data (a33.34 percent increase).Connecting U DataConnecting UExecutiveOh, and our total monthly cost is $300,000.Dropping our price and offering more gigabytesof data will have no impact on our costs, as themarginal cost of providing another gigabyte ofdata is zero.Quantity of Gigabytes perPrice per GigabyteCustomer (per month)Connecting U$16.003Executive$14.484Here is a summary of our data...Connecting UExecutiveJoe, if Connecting U wants to maximize itsprofits (the equivalent of maximizing revenue inthis case), what should they do?• We have 10,000 customers who have the same demand for gigabytes of data as Jamming Joe.• Our total monthly cost is $300,000.Curious Cally• Dropping our price and offering more gigabytes of data will have no impact on our costs, as the marginal cost of providinganother gigabyte of data is zero.Connecting U should maintain their price at $16. Dropping the pricewould decrease their total revenue and profits.Connecting U should drop the price to $14.48. By dropping the price, theywill increase their total revenue and profits.

Price elasticity of demand measures the responsiveness in quantity demanded to a change in its…

If Connecting U wants to MAXIMIZE its profits, what should they do? a) Connecting U should maintain their price at $16. Dropping the price would decrease their total revenue and profits. b)Connecting U should drop their price to $14.48. By dropping the price, they would increase their total revenue and profits.

If Connecting U wants to MAXIMIZE its profits, what should they do? a) Connecting U should maintain their price at $16. Dropping the price would decrease their total revenue and profits. b)Connecting U should drop their price to $14.48. By dropping the price, they would increase their total revenue and profits.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter17: Capital And Time

Section: Chapter Questions

Problem 17.6P

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