What will be the maximum total revenue the firm can obtain

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Reference no: EM13236763

A firm's estimated demand curve is given by the following equation: Q = 2840 -20P

a.) Based on the estimated demand curve, write the equations for:
i. Total Revenue
ii. Average revenue
iii. Marginal revenue

b.) Calculate point price elasticity of demand when Q=1600. Is the demand elastic or inelastic at this quantity? How do you know?

c.) What will be the maximum total revenue the firm can obtain?

Reference no: EM13236763

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