Step-by-step solution file
Consider the following demand functionQ(P) = 8 4P, (1)(a) (2
Consider the following demand functionQ(P) = 8 ? 4P, (1)(a) (2 points) Write the total revenue T R as a function of P, i.e., T R(P)(b) (4 points) Derive the own price elasticity of demand ? and write it as a function of P(c) (6 points) Show that dT R(P)/dP = Q(1 + ?)(d) (2 points) Show that the corresponding inverse demand function is P = ?Q4 + 2(e) (5 points) Write the total revenue T R as a function of Q and derive the marginal revenue,i.e., MR(Q) = dT R/dQ(f) (6 points) Derive the price elasticity of demand ? again and write it as a function of Q. Ifthe demand is unit elastic, find the value of MR(Q)
This question was answered on: Feb 21, 2020
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