A firm produces a steel bar. When the price of the steel bar is $ 30,000, the quantity demanded is 8 metric tons, a 100% change in the price would change the quantity demanded by 25%. REQUIRED: A. What is the total revenue function of the firm? (Use the variable Q for the quantity and the variable TR for the total revenue B. What is the price function of demand of the firm? C. How much would be the maximum total revenue of the firm? D. At what price should the firm sell its product to maximize its total revenue? F. What is the marginal revenue function of the firm? (Use the variable Q for the quantity and the variable MR for the marginal revenue G. At what production output should the firm produce to maximize its total revenue? H. What is the demand function of the firm? (Use the variable Q for the quantity demanded and the variable P for the price
A firm produces a steel bar. When the price of the steel bar is $ 30,000, the quantity demanded is 8 metric tons, a 100% change in the price would change the quantity demanded by 25%.
REQUIRED:
A. What is the total revenue function of the firm? (Use the variable Q for the quantity and the variable TR for the total revenue
B. What is the price function of demand of the firm?
C. How much would be the maximum total revenue of the firm?
D. At what price should the firm sell its product to maximize its total revenue?
F. What is the marginal revenue function of the firm? (Use the variable Q for the quantity and the variable MR for the marginal revenue
G. At what production output should the firm produce to maximize its total revenue?
H. What is the demand function of the firm? (Use the variable Q for the quantity demanded and the variable P for the price
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