Thursday, August 11, 2011
What is the coefficient for the marginal revenue?
Given the following estimated demand function: Qx = 200 – 17Px + 14Ps – 20Pc –0.1Y (where Qx represents quantity demanded; Px represents price of the main product; Ps represents price of the substitute; Pc represents price of the complement and Y represents income) : Px = $10; Ps = $20; Pc = $25 and Y = $2,000. What is the coefficient for the marginal revenue?
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