Question
A company using first-degree price discrimination has a
demand curve given by P=100β2Q. If the marginal cost of production is $10 per unit, what is the total revenue if the company sells 20 units?Solution
Β Some students will find the price, P = 100-2(20) = 60 and then find TR= PQ = 60*20 = 1200. This is wrong. In the first-degree price discrimination, we need to find TR through integration of demand function.
Statements:
1. Several shops in the area were closed for the day.
2. A protest march was organized in the area against a new government policy.
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