Find the total revenue function-marginal revenue function

Assignment Help Business Economics

Reference no: EM13838083

The demand curve is determined to be: Q=526-2P

a. Find the total revenue function.

b. Find the marginal revenue function.

c. Graph the total revenue and marginal functions.

d. At what price will total revenue be maximized, and what is the value of revenue at this point.

e. Identify the elastic and inelastic regions of the demand curve.

Reference no: EM13838083

Questions Cloud

Why is the hr department playing a more significant role : Why is the HR department playing a more significant role in organization strategic planning today than it did 20 years ago? What can managers do to minimize their chances of litigation and of being found negligent with regard to sexual harassment

What is the slope of the budget line from trading : Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and is willing to trade 2 fish for every coconut that you are willing to give him. What is the slope of budget line from trading with Frid..

Next two days this item is requested more than once : In an inventory analysis it was concluded that, on the average, demands for a certain item were made 2 times per day. What is the probability that on the next 2 days this item is requested more than once?

Determine or influence the recommendation for action : Which theory or theories are being used by Jessica, Marco, Maria, and Dr. Wilson to determine the moral status of the fetus? Explain - How does the theory determine or influence each of their recommendation for action?

Find the total revenue function-marginal revenue function : The demand curve is determined to be: Q=526-2P. Find the total revenue function. Find the marginal revenue function. Graph the total revenue and marginal functions.

Increasing returns-output of the business results : There are increasing returns to size whenever increasing the output of the business results in: At the output level where MC is just equal to ATC:

Should juanita attempt to reduce voluntary : Should Juanita attempt to reduce voluntary and involuntary turnover? A risk of disciplining employees is that some may retaliate. To avoid that risk, what organizational policies might encourage high-performing employees to stay while encouraging low..

Solar panels has production function : Steve and Sons Solar Panels has a production function represented by Q=4KL, where the MP=4K and the MP=4L. The current wage rate(W) is $8 per hour, and the rental rate on capital is $10 per hour. In the short run, the plant's capital stock is fixed a..

User Account

All Pages