Answered: 2= 8000 - 5P, where Q is the quantity…

2= 8000 - 5P, where Q is the quantity sold per week and P is the price per unit. Based on the estimated demand curve, write the equations for Scotts' (1) Total Revenue (i) (ii) Average Revenue,

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Monopoly

Section: Chapter Questions

Problem 5PA

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Question

1. Scott Company has estimated the demand curve for its product is represented by the
equation:
Q = 8000 - 5P,
where Q is the quantity sold per week and P is the price per unit.
Based on the estimated demand curve, write the equations for Scotts'
(i) Total Revenue
(11) Average Revenue,
(ii1) Marginal Revenue

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