## Question

# Estimating Demand and Total Revenue 1.(a) Use the following function: QW= 400-2p, to estimate the maximum total revenue. (b) Plot the average, marginal, and total

Estimating Demand and Total Revenue

1.(a) Use the following function: QW= 400-2p, to estimate the maximum total revenue.

(b) Plot the average, marginal, and total revenue curves

(c) What is the maximum total revenue in monetary terms?

(d) Suppose marginal cost is $5, what will be the profit-maximizing price? Remember to use the MC=MR rule and then solve for price

## Step by Step Solution

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### Modern Principles of Economics

**Authors:** Tyler Cowen, Alex Tabarrok

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1429278390, 978-1429278416, 1429278412, 978-1429278393

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