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Jacko's rock band is putting out a new CD with its music label. The contract between the band and ...

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Jacko's rock band is putting out a new CD with its music label. The contract between the band and ...

Jacko's rock band is putting out a new CD with its music label. The contract between the band and the label specifies that the band receive 25% of the gross revenues plus another $10,000 up front. The record label projects the demand for the album
      p = 50 - 0.003Q
where p is the price per CD (in $) and Q is the number of CDs demanded. The cost (not including the band's salary) of producing the CD is constant at $5 per disc.
a.   Compute the joint-profit-maximizing price and quantity.
b.   Compute the profit maximizing price that the label will wish to set.
c.   What price will Jacko want his band's CD sold for? (Assume he only cares about money earned from the CDs.)

Textbook

Microeconomics: Theory and Applications with Calculus

Edition: 4^th

Author: Perloff

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