Question
1.From the demand function Qd=-4p+4700 A.Set up a demand schedule for this function and determine the price elasticity of demand at various P and Qd
1.From the demand function Qd=-4p+4700
A.Set up a demand schedule for this function and determine the price elasticity of demand at various P and Qd combinations using point-price elasticity formula. (Make sure that all elasticity concepts are found on the same demand curve.)
B.Determine the TR and MR functions.
C.Graph the demand curve and the TR curve (TR curve just below the demand curve)
D.At what P and Qd combination will TR be maximum?
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Principles of Economics
Authors: N. Gregory Mankiw
8th edition
1305585127, 978-1305971493, 978-1337516860, 1337516864, 978-0357539200, 978-1305585126
