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Economics

You are given the following demand equations:

Q 450 - 16P

Q 360 - 80P

Q 1,500 - 500P

a. Determine each equationons total revenue and marginal revenue equations.

b. Plot the demand equation and the marginal and total revenue equations on a graph.

c. Use calculus to determine the prices and quantities that maximize the revenue for each equation. Show the points of revenue maximization on the graphs that you have constructed.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91230598

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