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A price-setting firm faces the following estimated demand and average variable cost functions:
Qd=800,000 - 2000P + 0.7M + 4000PR
AVC = 500 - 0.03Q + 0.000001Q2
where Qd is the quantity demanded, P is price, M is income, and PR is the price of a related good. The firm expects income to be $40,000 and PR to be $53. Total fixed cost is $2,6000,000. What is the estimated marginal revenue function for the firm?
a. MR = 800 - 0.002Q
b. MR = 800 - 0.004Q
c. MR = 1600 - 0.004Q
d. MR = 520 - 0.001Q
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