Total revenue is in dollars and x is the number of units. Suppose that in a monopoly market, the demand function for a product is given by p = 4300.2x where x is the number of units and p is the price in dollars. (a) Find the total revenue from the sale of 500 units. (b) Find the marginal revenue MR at 500 units. MR = $ Interpret this value. O The 501st unit will lose |MR| dollars more in revenue. The 501st unit will bring in |MR| hundred dollars more in revenue. The 501st unit will bring in |MR| dollars more in revenue. ○ The 501st unit will lose |MR| hundred dollars more in revenue. (c) Is more revenue expected from the 501st unit sold or from the 701st? Explain. The 701st unit will bring in $ more in revenue. Thus the |---Select--- ✓ unit will bring in more revenue.
Total revenue is in dollars and x is the number of units. Suppose that in a monopoly market, the demand function for a product is given by p = 4300.2x where x is the number of units and p is the price in dollars. (a) Find the total revenue from the sale of 500 units. (b) Find the marginal revenue MR at 500 units. MR = $ Interpret this value. O The 501st unit will lose |MR| dollars more in revenue. The 501st unit will bring in |MR| hundred dollars more in revenue. The 501st unit will bring in |MR| dollars more in revenue. ○ The 501st unit will lose |MR| hundred dollars more in revenue. (c) Is more revenue expected from the 501st unit sold or from the 701st? Explain. The 701st unit will bring in $ more in revenue. Thus the |---Select--- ✓ unit will bring in more revenue.
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter1: Functions
Section1.4: Functions Given By Words
Problem 13E
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