|Question||The demand curve is given by
QD = 500 – 2PX
a. What is the total revenue function?
b. The marginal revenue function is MR = 250 – Q. Graph the total revenue function, the demand curve, and the marginal revenue function.
c. At what price is revenue maximized, and what is revenue at that point?
d. Identify the elastic and inelastic regions of the demand curve.