What is the marginal revenue function

Reference no: EM13751394

Dr. Leona Williams, a well-known plastic surgeon, has a reputation for being one of the best surgeons for reconstructive nose surgery. Dr. Williams enjoys a rather substantial degree of market power in this market. She has estimated demand for her work to be:

where Q is the number of nose operations performed monthly and P is the price of a nose operation.

a. What is the inverse demand function for Dr. Williams' services?

b. What is the marginal revenue function?

c. If the doctor wishes to maximize her profit, how many nose operations should she perform each month?

d. What price should Dr. Williams charge to perform a nose operation?

e. How much profit does she earn each month?

Reference no: EM13751394

Questions Cloud

Do you feel that belief in god should be a matter of faith : Assuming that God really does exist, do you feel that belief in God should be a matter of faith or reason? Why?

Elements of the project human resource knowledge : Identify the four elements of the project human resource knowledge area and briefly describe each. Your response should be at least 75 words in length

In what way evolution pose a problem for design argument : In what way does evolution pose a problem for the design argument for God's existence?

Case study on convergys customer management group : Case Study On Convergys Customer Management Group

What is the marginal revenue function : What is the inverse demand function for Dr. Williams' services - what is the marginal revenue function?

Progress report versus a status report : Compare and contrast a progress report versus a status report. Describe the means and timing by which each is delivered. Your response should be at least 75 words in length

How has the progressive movement shaped your life today : Pretend you were living around 1900. Using examples from class and readings, what would your life be like? How has the Progressive Movement shaped your life today? Use specifics!

Borrowing and lending actions in the money market : Show and explain the set of (a) borrowing and lending actions in the money market and (b) position in the forward market to lock in a risk-free profit. Assume available capital of 10M USDs (or 1B JPYs @ 100JPYs per USD) for this trade.

How was islam meant to complete what judaism had begun : How was Islam meant to complete what Judaism and Christianity had begun?

User Account

All Pages