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A firm that has none competitors has estimated its demand curve as P=400-4Q. The firm set a price for its products, at which own-price elasticity

A firm that has none competitors has estimated its demand curve as P=400-4Q. The firm set a price for its products, at which own-price elasticity of demand equals (-3). Define the total revenue of the firm. Explain the pricing decision of the firm. Define the level of output at which total revenue is maximized.

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