2 - Question 2 (1 point)

Consider a scenario where the demand is estimated to be represented by the following equation: Q = 3000 - 10P. At what price would the firm facing this demand maximize its total revenue? (Hints: again get the Inverse Demand Function, then get the TR function, then solve for MR function, then find Q that maximizes TR (what must be value of MR at that Q?), once you have the Q that maximizes TR figure out what P leads to that value for Q given demand function Q = 3000 - 10P)

Question 2 options:

a)

100

b)

50

c)

200

d)

150