Question 12 (1 point)

A firm's demand function is defined as Q = 14 - 2P. Use this function to calculate total revenue when price is equal to 3 and when price is equal to 4. What is marginal revenue equal to between P = 3 and P = 4? (Hint solve for Q at each P, solve for TR, remember MR = Change TR/Change Q)

Question 12 options:

a)

0

b)

8

c)

24

d)

16