Calculate point price elasticity of demand when q1600 is, Finance Basics

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Calculate point price elasticity of demand when q1600 is

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 Revenue
ii. Average revenue
iii. 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? (Give an exact dollar amount and explain how you determine it.)

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Finance Basics: Calculate point price elasticity of demand when q1600 is

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Finance Basics: Calculate point price elasticity of demand when q1600 is

Reference No:- TGS0618701

Have a Question? (oR Write a Review)

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Finance Basics: Calculate point price elasticity of demand when q1600 is

Reference No:- TGS0618701

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