Determine the marginal revenue equation for the firm, Macroeconomics

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Determine the marginal revenue equation for the firm

The Johnson Robot Company's marketing officials report to the company's CEO that the demand curve for the company's robots in 2001 is ?P = 3,000 - 40Q, where P is the price of a robot, and Q is the number sold per month.

1. Determine the marginal revenue equation for the firm?

2. Explain at what prices is demand for the firm's product price elastic?

3. What price should it charge if the firm wants to maximize its dollar sales volume?

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Macroeconomics: Determine the marginal revenue equation for the firm

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Macroeconomics: Determine the marginal revenue equation for the firm

Reference No:- TGS0871721

Have a Question? (oR Write a Review)

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Macroeconomics: Determine the marginal revenue equation for the firm

Reference No:- TGS0871721

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