question archive Maximize total revenue, from price, quantity, price elasticity, direct demand function and indirect demand function
Maximize total revenue, from price, quantity, price elasticity, direct demand function and indirect demand function
Subject:EconomicsPrice:2.88 Bought3
Maximize total revenue, from price, quantity, price elasticity, direct demand function and indirect demand function. Use the indirect demand function to determine TR and MR as a function of Q.
Indirect demand function: P=8.85-0.004(Q)
Direct Demand: Q=2509.5-283.4(P)
