Answer to Question #293771 in Economics for Jotes@3

Question

. The demand for its new brand of fertilizer, Meadow Muffins, is given by the equation Q = 120 - 4P.

a. Silkwood is currently charging $10 for a pound of Meadow Muffins. At this price, what is the price elasticity of demand for Meadow Muffins?

b. At a price of $10, what is Silkwood’s marginal revenue?

c. What price should Silkwood charge if it wishes to maximize its total revenue?

d. At the total revenue maximizing price, what is the price elasticity of demand for Meadow Muffins?

Answer 1

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