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Teaching Since: | Apr 2017 |
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Questions Answered: | 12843 |
Tutorials Posted: | 12834 |
MBA, Ph.D in Management
Harvard university
Feb-1997 - Aug-2003
Professor
Strayer University
Jan-2007 - Present
l) Plot the demand function on the top set of axes.
    Qx = 10000 - 500Px       Â
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2) The price function is the inverse of the demand function. Write this inverse below.Â
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3) Use the price function to obtain the total revenue function (TR). Write the TR function below. You will plot TR on the lower set of axes in step 5.
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4) Derive (or simply write) the marginal revenue (MR) function below. Plot MR on the top set of axes (in the proper location with respect to the demand function).
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5) Use the TR function (3) to
calculate revenue for each of the seven
Qx values below. Use the seven revenues
to plot the revenue function properly.
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k means thousand
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