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Price Elasticity, fixed costs


In the small town of Springfiled, Duffman observes that the price of beer has fallen. Duffman concludes that the total amount of money spent buying beer has to fall since the price of beer is lower. Is he correct? Why or why not?
For many corporations, a major portion of the cost of production is fixed in the short run. Should these very large fixed costs be ignored when the executives are making output and pricing decisions.
The book used is Managerial economics and organizational architecture.

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