Please review this video:
https://www.youtube.com/watch?v=YprjxuGo4O0 (4.32 Minutes)
After reviewing the video, attend the class and be prepared to demonstrate:
How (mathematically) Total Revenue function is constructed, given the firm’s demand function.
Once total revenue function is determined, how to derive marginal revenue function of the firm (using first derivative of total revenue function).
The rule to maximize total revenue
How to calculate the quantity/price combination that maximizes total revenue.
Why total revenue starts declining after a specific point.
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