You are given the following demand equations:
Q 450 - 16P
Q 360 - 80P
Q 1,500 - 500P
a. Determine each equationons total revenue and marginal revenue equations.
b. Plot the demand equation and the marginal and total revenue equations on a graph.
c. Use calculus to determine the prices and quantities that maximize the revenue for each equation. Show the points of revenue maximization on the graphs that you have constructed.