Define the inverse demand curve and mr curves

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Reference no: EM13213815

The following are the inverse demand curve and MR curves for a monopolistically competitive firm. P = 1000 - 2Q MR = 1000 - 4Q Where P is the price of the product and Q is the level of production. For the 200th unit of Q, MR is equal to _______ and demand is price ____________. 200, elastic -200, inelastic 600, elastic -600, inelastic

Reference no: EM13213815

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