Question: A firm faces the following demand function : P = 100 – 0.1Q (i) Find the value of Price and Quantity when the price elasticity on the demand curve is 1. (ii) Find the value of Marginal Revenue (MR) when Total Revenue (TR) is maximum. (iii) What is the value of price elasticity when MR is positive and negative?A firm faces the following demand function : P = 100 – 0.1Q (i) Find the value of Price and Quantity when the price elasticity on the demand curve is 1. (ii) Find the value of Marginal Revenue (MR) when Total Revenue (TR) is maximum. (iii) What is the value of price elasticity when MR is positive and negative?
