If the demand function is P = 60 Q find an expression for TR in terms
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Question:
P = 60 − Q
find an expression for TR in terms of Q.
(1) Differentiate TR with respect to Q to find a general expression for MR in terms of Q. Hence write down the exact value of MR at Q = 50.
(2) Calculate the value of TR when
(a) Q = 50
(b) Q = 51
And hence confirm that the 1 unit increase approach gives a reasonable approximation to the exact value of MR obtained in part (1).
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