Question
Asked Sep 13, 2019
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Consider the table below:  What price do you think the company is charging for its product ________________________ ?

q

500

600

700

800

900

1000

1100

C(q), in $

5000

5500

6000

6500

7000

7500

8000

R(q), in $

4000

4800

5600

6400

7200

8000

8800

  a.

$8

  b.

$3

  c.

$9

  d.

$5

  e.

None of these

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Expert Answer

Step 1

Total revenue is obtained  obtained by multiplying the number of product sold and price of product , that is R(q)=p*q, where p is price of product

Step 2

So , p=R(q...

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R(q) 4000 4800 5600 ..= 8 600 700 500

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