Answer to Question #58850 in Microeconomics for Bob
What is the price of red herring?
-4 = (-1)*P/Q,
P/Q = 4,
Q = P/4
If Qd = 120 - P, then:
120 - P = P/4,
1.25P = 120,
P = $96.+
So, the price of red herring is $96.
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