Question: Suppose the demand function for a commodity is given as Q = 12 P ( a) Find the demand and marginal revenue schedules, (

Suppose the demand function for a commodity is given as Q = 12 – P

(

a) Find the demand and marginal revenue schedules,

(

b) Plot the AR and MR schedules,

(

c) Find marginal revenue when P = 10, 6 and 2, and

(

d) Estimate the elasticity co-efficient of the demand curve, when the total revenue is at the maximum.

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