Question
Suppose that individual demand for a product is given by
QD
= 1000 − 5P. Marginal revenue is MR = 200 − 0.4Q, and marginal cost is constant at $20. There are no fixed costs.
QD
= 1000 − 5P. Marginal revenue is MR = 200 − 0.4Q, and marginal cost is constant at $20. There are no fixed costs.