Use the demand curve qd x 20 minus 2px to complete the, Ask an Expert

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Use the demand curve Qd x = 20 − 2px to complete the table below. Price of x Quantity |EQx,Px | Total Revenue 0 1 2 3 4 5 6 7 8 9 10 a. Solve for the marginal revenue curve that corresponds to the demand curve. At what quantity is MR = 0? b. On a diagram plot the demand curve and the marginal revenue curve you solved for in part a. Make sure to clearly and accurately label the axes and curves. Label the elastic and inelastic regions of the demand curve and the point of unitary elasticity c. Directly below the first diagram draw a second diagram that plots total revenue on the vertical axis and quantity on the horizontal axis. At what quantity is total revenue maximized? What is the relationship between this quantity and the quantity where MR = 0? Why is this the case?

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Business Economics, Economics

Category:- Business Economics
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