The demand curve for product a is given as Q = 2000 - 20P. a. How many
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The demand curve for product a is given as Q = 2000 - 20P.
a. How many units will be sold at $10?
b. At what price would 2,000 units be sold? 0 units? 1,500?
c. Write equations for total revenue and marginal revenue (in terms of Q).
d. What will be the total revenue at a price of $70? What will be the marginal revenue?
e. What is the point elasticity at a price of $70?
f. If price were to decrease to $60, what would total revenue, marginal revenue, and point elasticity be now?
g. At what price would elasticity be unitary?
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Related Book For
Managerial Economics Economic Tools For Today's Decision Makers
ISBN: 9780131860155
7th Global Edition
Authors: Paul G Keat, Philip K Y Young
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