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Question: fill in blanks in the table below with the given...

Question details

Fill in blanks in the table below (with the given equation, marginal revenue is not stated nor given in the problem) for this demand equation 𝑃 = 10 − 1/2Qd.

1. Does a decrease in price necessarily increase total revenue?

2. For what price the total revenue is maximum? What is the price elasticity of demand for that

price?

Price (P)Quantity Demanded (Q)Total Revenue Price Elasticity of Demand 10 4 2

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