BrightLight Ltd

question 28

Multiple Choice

BrightLight Ltd. estimates the demand curve for its table lamps to be Q = 1,000 - 4 P. That is, P = 250- .25Q. Which of the following is NOT true?

• A) The maximum total revenue BrightlLight can obtain is $62,500.
• B) The Marginal Revenue curve for BrightLight's table lamps is given by MR = 250 - ½ Q.
• C) The elasticity of demand for BrightLight's table lamps is equal to 7.5 when their price is $125.
• D) BrightLight maximizes its total revenues when selling 500 lamps.

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Definitions:

Legally Married

The state of being united to a person as a spouse in accordance with the laws and regulations of the jurisdiction.

Strong Commitment

A deep dedication or allegiance towards someone or something, highlighting a firm, ongoing intent to maintain a relationship or goal.

Sexual Intercourse

Physical sexual activity that involves the insertion of the penis into the vagina.

Average Frequency

A statistical measure referring to the common occurring rate or number of times an event happens within a specific period.