t-shirts for campus organizations and events. They are currently producing 2000 shirts per month with average total cost of $8.00, average fixed cost of $2.00, and marginal cost of $10.00. 2.)A firm's demand function is defined as Q = 14 ? 2P. a) Use this function to calculate total revenue when price is equal to 3 and when price is equal to 4. b) What is marginal revenue equal to between P=$3 and P=$4?43. If the income elasticity of cigarettes sold in China is 1.5: a) What would happen to the quantity demanded of cigarettes if income increases?b) Are cigarettes a ?normal? or ?inferior? good?c) What would happen to the quantity demanded if household income were to rise by 1% next year?3.)A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%. By how much (what percentage) should they expect chocolate syrup sales to increase
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