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Question
If the average revenue is 45 and elasticity of demand is 5, then marginal revenue is ______.
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Solution
If the average revenue is 45 and elasticity of demand is 5, then marginal revenue is 36.
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∴ x = 120 – p
Differentiating w.r.t. p,
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∴ Elasticity of demand is given by η = `- "P"/x*("d"x)/("dp")`
∴ η = `square`
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Ec = (0.0003)I2 + (0.075)I2
when I = 1000
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