Price-Quantity Relationship

timer Asked: Mar 26th, 2015

Question description

The price-quantity relationship has been estimated for a new prostate cancer blood test; Q = 4,000 – (20 x P). Use a spreadsheet to calculate the quantity demanded and total spending for prices ranging from $200 to $0, using $50 increments. For each $50 drop in price, calculate the change in revenue, the change in volume, and the additional revenue per unit. (Call the additional revenue per unit marginal revenue.)

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