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    Calculating Total Revenue and Marginal Revenue

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    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?

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    https://brainmass.com/economics/microeconomics/calculating-total-revenue-marginal-revenue-489370

    Solution Preview

    a)
    When P = 3:
    Q = 14 - 2P
    Q = 14 - 2(3)
    Q = 14 - 6
    Q = ...

    Solution Summary

    This solution shows how to calculate a firm's total revenue and marginal revenue from its demand function. All calculations are given in full.

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