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Demand curve, revenue and elasticity

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Demand curve product X is given as Q= 2000 - 20P.
a. how many units will be sold at price $ 10
B. at what price would 2000 units be sold? o units? 1500?.
c. write equations for total revenue and marginal revenue (interm of Q).
d. what will be the total revenue at price of $ 70? what will be marginal revenue?
e. what is the point elasticity at price odf $ 70?

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Solution Preview

a. When price is 10, Q = 2000-20X10 = 1800

b.When Q = 2000, when have 2000=2000-20P => P = 0
When Q = 0, 0 = ...

Solution Summary

The expert examines the demand curve, revenue and elasticity is examined.