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The demand for electronic circuits is indicated by the following equation: Q=15,000-0.25P-0.4P_c+0.02Y where Q is the demand for electronic circuits, P is the price of
The demand for electronic circuits is indicated by the following equation: Q=15,000-0.25P-0.4P_c+0.02Y where Q is the demand for electronic circuits, P is the price of the electronic circuits, P_c is the price of electronic circuits produced by other factories, and Y is disposable income. Assume that P=RM1,500, P_c=RM2,000 and Y=RM7,000, Find the demand curve equation Calculate the total revenue maximizing price and output Determine the maximum total revenue What would happen to total revenue if there is an increase in price
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