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A firm's estimated demand curve is given by the following equation: Q = 2840 -20P
a.) Based on the estimated demand curve, write the equations for:i. Total Revenueii. Average revenueiii. Marginal revenue
b.) Calculate point price elasticity of demand when Q=1600. Is the demand elastic or inelastic at this quantity? How do you know?
c.) What will be the maximum total revenue the firm can obtain?
Nominal GDP uses current prices as a measure of the value of goods and services produced, while real GDP uses prices of goods and services in a base year to measure value. Suppose an economy consists of three goods: pizza, sodas, and televisions.
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