The Johnson Robot Company's marketing manager's estimate that the demand curve for the company's robots in 2012
Question:
P = 3,000 - 40Q
where P is the price of a robot and Q is the number sold per month.
a. Derive the marginal revenue curve for the firm.
b. At what prices is the demand for the firm's product price elastic?
c. If the firm wants to maximize its dollar sales volume, what price should it charge?
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Step by Step Answer:
a TR PQ 3000 40QQ 3000Q 40Q 2 Hence MR dTRdQ 3000 80Q b Recall For a linear deman...View the full answer
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Related Book For 
Managerial Economics Theory Applications and Cases
ISBN: 978-0393912777
8th edition
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
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