A firm's demand function is defined as Q = 14 - 2P.
a) Use this function to calculate total revenue when price is equal to 3 and when price is equal to 4.
b) What is marginal revenue equal to between P=$3 and P=$4?
When P = 3:
Q = 14 - 2P
Q = 14 - 2(3)
Q = 14 - 6
Q = ...
This solution shows how to calculate a firm's total revenue and marginal revenue from its demand function. All calculations are given in full.