Question

A firm’s demand curve in period 1 is Q=25 - P. Fixed costs are 20 and marginal costs per unit are 5.

Answer 1

Answer:

Total revenue is Price×Quantity, Rearraging the demand equation, we get

P=25-QP=25−Q

So,

Total Revenue=PQ=(25-Q)×Q=25Q-Q^2=PQ=(25−Q)×Q=25Q−Q

2

Marginal Revenue would be differentiation of Total revenue. So,

Marginal revenue=25-2Q =25−2Q

Answer 2

Answer:

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