MSRP base price of $3,229. Let’s assume that recently Sony sold 220,000 units at that price in a week. The research department of Sony has suggested reducing the price to $2,890 and estimates that the price elasticity of demand for Sony LCD TV is 3.0. If the research department is correct, what will be the quantity sold in a week after the price cut? What will be Sony’s new total sales ($) from LCD 46-inch TV only?
