Assume a firm's supply function for a good is given by the following expression: qs (p) = p−10 a.) where p represents the price of the good (in dollars) and qs (p) is the quantity supplied at that price. Suppose the price of the good is initially $30. If the price decreases by 1%, What is the effect on the firms total revenue?

Assume a firm's supply function for a good is given by the following expression: qs (p) = p−10 a.) where p represents the price of the good (in dollars) and qs (p) is the quantity supplied at that price. Suppose the price of the good is initially $30. If the price decreases by 1%, What is the effect on the firms total revenue?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume a firm's supply function for a good is given by the following expression:

qs (p) = p−10

a.) where p represents the price of the good (in dollars) and qs (p) is the quantity supplied at that price. Suppose the price of the good is initially $30. If the price decreases by 1%, What is the effect on the firms total revenue?

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