he demand function is: P = 60 – Q Find an expression for TR in terms of Q. (1) Differentiate TR with respect to Q to find a general expression for MR in terms of Q. Hence, write down the exact value of MR at Q = 50. (2) Calculate the value of TR when a. Q = 50 b. Q = 51 And hence confirm that the 1 unit increase approach gives a reasonable approximation to the exact value of MR obtained in part (1).

he demand function is: P = 60 – Q Find an expression for TR in terms of Q. (1) Differentiate TR with respect to Q to find a general expression for MR in terms of Q. Hence, write down the exact value of MR at Q = 50. (2) Calculate the value of TR when a. Q = 50 b. Q = 51 And hence confirm that the 1 unit increase approach gives a reasonable approximation to the exact value of MR obtained in part (1).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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