Describe the uses of elasticity of demand

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Q. Assume a profit maximizing firm's short-run cost is TC = 700 + 60Q. If its demand curve is P = 300 - 15Q, what should it do in the short run?

Q. 1. Using appropriate diagrams and notations, carefully explain the relationship between elasticity, total revenue and marginal revenue.

2.Discuss the uses of elasticity of demand

Reference no: EM1350689

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