Question: Activity 1: Given that the Price function is: P = 8 - Qdx 1. Derive (calculate) TR, AR, MR. 2. Plot the schedules of #1.

Activity 1: Given that the Price function is: P = 8 - Qdx 1. Derive (calculate) TR, AR, MR. 2. Plot the schedules of #1. 3. Using the figure you drew for #2, briefly explain the relationship among the total, average, and marginal revenue

2: From your observation/s of the business trade in your locality, which among the theories about the nature of the firm are most relevant and applicable?

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