Question: demand function A firm's estimated demand curve is given by the following equation: Q = 2840 -20P a.) Based on the estimated demand curve, write

demand function

A firm's estimated demand curve is given by the following equation: Q = 2840 -20P a.) Based on the estimated demand curve, write the equations for: i. Total Revenue ii. Average revenue iii. Marginal revenue b.) Calculate point price elasticity of demand when Q=1600. Is the demand elastic or inelastic at this quantity? How do you know? c.) What will be the maximum total revenue the firm can obtain? (Give an exact dollar amount and explain how you determine it.)

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