Question

Refer to the graph below: Price (Dollars) 6.000 Quantity The equation for marginal revenue is OMR = 12,000 - 1200 OMR = 6,000

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Answer #1

From the given graph , we can get the demand curve equation:

Q = 6000- 100P

We can see that when P=0, Qd= 6000

And when Q=0, P= 60

Now, TR = P(Q)

Q = 6000- 100P

So, P = (6000- Q)/100

P = 60 - 0.01Q

TR = P(Q)

TR = (60- 0.01Q) (Q)

TR = 60Q - 0.01Q2

MR = dTR/dQ = 60 - 0.02Q

Hence,option(C) is correct.

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