Question: The market demand function for a commodity x is given as Q = 300 - 30 (P) where Q denotes the quantity demanded and P

The market demand function for a commodity x is given as Q = 300 - 30 (P)

where Q denotes the quantity demanded and P its price.

a. Find the average revenue function (i.e., price as a function of quantity).

b. Find the marginal revenue function for a monopolist who produces Q.

c. Graph the average revenue curve and the marginal revenue curve from Q = 1 to Q = 100.

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