The demand curve is given by QD = 500 - 2PX a. What is the total revenue
Question:
QD = 500 - 2PX
a. What is the total revenue function?
b. The marginal revenue function is MR = 250 - Q. Graph the total revenue function, the demand curve, and the marginal revenue function.
c. At what price is revenue maximized, and what is revenue at that point?
d. Identify the elastic and inelastic regions of the demand curve.
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a PX 250 12Q TR PQ 250 12QQ 250Q 12Q 2 b See text answers f...View the full answer
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