Answer to Question #53477 in Microeconomics for ASIF
How to find out the Price from any total Revenue Function, say for example TR=100,000Q-10Q^2, this is the given total revenue function, please elaborate how to derive out the price from the given total revenue function
To find the price from any total revenue function we need to know, that in equilibrium the price P = MR and MR = TR', so P = MR = TR' = (100,000Q-10Q^2)' = -1 - 20Q
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