Determine the revenue maximizing price and quantity

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Reference no: EM13861654

Use the information in each scenario alone to answer each question.

What is the marginal revenue of a firm that sells a product at the price of $15 and the price elasticity of demand for the product is -2?

What is the price elasticity of demand of a firm that sells a product for $20 and marginal revenue is $12?

Use the following demand function to determine the revenue maximizing price and quantity, Q=2500-5.5P.

Reference no: EM13861654

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