Answer to Question #53477 in Microeconomics for ASIF

Question

How to find out the Price from any total Revenue Function, say for example TR=100,000Q-10Q^2, this is the given total revenue function, please elaborate how to derive out the price from the given total revenue function

Answer 1

To find the price from any total revenue function we need to know, that in equilibrium the price P = MR and MR = TR', so P = MR = TR' = (100,000­Q-10Q^2)' = -1 - 20Q