Seller: You are trying to sell a leather jacket to a foreign visitor for maximum profit. You have sold seven of these jackets to foreigners in the last few days. The lowest price you received was 300,000 units, the highest price 800,000 units. Most foreigners did not even haggle with you. The jacket cost you 200,000 units. You know that you can buy them more cheaply with foreign currency than your own, which is shaky on the exchange market. In fact, 30 units of the Buyer's currency would buy you another jacket. You are determined however to make a good profit on this deal.

What is the least that the seller could accept for the jacket while still earning a profit?

Answer rating: 100% (QA)

Setting the right prices for your products is a balancing act A low price isnt always ideal as the p... View the full answer