The demand function inverse and the marginal cost function, Business Economics

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The demand function inverse and the marginal cost function

The demand function (inverse) and the marginal cost function of a manufacturing-supply firm are as follows:

P = -4.7Q + 240

MC = 2.6Q

(a) Write the total revenue function from the inverse demand function shown. (TR = Q x P)

(b) Compute the first derivative of the TR function – i.e., the marginal revenue function (MR).

(d) Compute selling price P* at profit-maximizing Q*.

(e) Compute total revenue at Q*.

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Business Economics: The demand function inverse and the marginal cost function

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Business Economics: The demand function inverse and the marginal cost function

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