E.g.1: A demand function is given by the equation P = 24 – 6lnQ - Find the equation of TR (total revenue) and determine for which value of Q is TR maximised. Find MR (marginal revenue) as a function of Q Show that MR is a positive decreasing, concave up function.

E.g.1: A demand function is given by the equation P = 24 – 6lnQ - Find the equation of TR (total revenue) and determine for which value of Q is TR maximised. Find MR (marginal revenue) as a function of Q Show that MR is a positive decreasing, concave up function.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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E.g.1: A demand function is given by the equation P = 24
6lnQ
➤ Find the equation of TR (total revenue) and determine for which value of Q is TR
maximised.
Find MR (marginal revenue) as a function of Q
Show that MR is a positive decreasing, concave up function.

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