Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I have a solution to a problem, but I am struggling to understand where part of the solution comes from. How is 'Q' derived? Example:
I have a solution to a problem, but I am struggling to understand where part of the solution comes from. How is 'Q' derived?
Example:
Weekend
P= 15-0.001Q
Total Revenue = Price * Quantity
Total Revenue = 15Q - 0.001Q2
Marginal Revenue = 15 - 0.002Q
Marginal Cost = 2
Marginal Revenue = Marginal Cost
15 - 0.002Q = 2
Q = 6500
P= 15 - 0.001(6500)
P = $8.50
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started