Estimating Demand and Total Revenue 1 (a) Use the following function QW 400 2p, to estimate the maximum total revenue (b) Plot the average, marginal, and total revenue curves (c) What is the maximum total revenue in monetary terms (d) Suppose marginal cost is $5, what will be the profit maximizing price Remember to use the MC MR rule and then solve for price

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Estimating Demand and Total Revenue 1.(a) Use the following function: QW= 400-2p, to estimate the maximum total revenue. (b) Plot the average, marginal, and total

Estimating Demand and Total Revenue

1.(a) Use the following function: QW= 400-2p, to estimate the maximum total revenue.

(b) Plot the average, marginal, and total revenue curves

(d) Suppose marginal cost is $5, what will be the profit-maximizing price? Remember to use the MC=MR rule and then solve for price

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