Find the revenue and marginal revenue functions

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Reference no: EM131175615

Suppose that the number of riders per day on the New York City subway system is 4 (million) when the fare is $2.00. Suppose that the ridership will drop to 3.8 (million) when the fare is raised to $2.25. Assuming that the relationship between demand and price is linear:

(a) Find the demand equation

(b) Find the revenue and marginal revenue functions

(d) Find the price and number of riders that will maximize the total revenue

Reference no: EM131175615

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