Question: I need help with question 2. . You need to determine the profit maximizing price for a video game console. Currently you charge $180 and

I need help with question 2.

. You need to determine the profit maximizing price for a video game console. Currently you charge $180 and sell 2 million consoles per year. It costs $150 to produce a console, and the price elasticity of demand for consoles is -3. What price should you charge for a console? (assume a linear demand curve)

2. Now assume that, on average, a purchaser of your video game console buys 10 video games, and you earn $10 profit on each video game. what is the correct price for consoles? Show on excel!

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