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The demand equation for granite blocks produced in Bergama and of size 15cm X 15 cm, used for surface coverings of roads in prime neighborhoods
The demand equation for granite blocks produced in Bergama and of size 15cm X 15 cm, used for surface coverings of roads in prime neighborhoods is: q= 140/p + In(50-p?) where "q" is the average number of granite blocks sold per hour, and p is the price of each granite block, which is currently 7 TL/unit. a)What is the annual revenue of this company? b)What is the marginal revenue of this company ? c)What is the point elasticity of demand ? d)If the price is lowered by 1% to 6.30 TL/unit, how much will the quantity sold change ? e)Will this decrease in price, increase the revenue
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