1. You own a private parking lot with a capacity of 600 cars. The demand for parking at this lot is estimated to be Q = 1000 – 2p, where Q is the number of customers with monthly parking passes and p is the monthly parking fee per car. 1. Write down your total revenue function as a function of Q. [Hint: R(Q) = p(Q)•Q.] 2. Derive your marginal revenue function. 3. What price generates the greatest revenues?

1. You own a private parking lot with a capacity of 600 cars. The demand for parking at this lot is estimated to be Q = 1000 – 2p, where Q is the number of customers with monthly parking passes and p is the monthly parking fee per car. 1. Write down your total revenue function as a function of Q. [Hint: R(Q) = p(Q)•Q.] 2. Derive your marginal revenue function. 3. What price generates the greatest revenues?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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