For the price function p(x) = 10 √√3x where p is in dollars and x is the number sold in hundreds (0 ≤ x ≤ 30), use R(12) and MR(12) to approximate the revenue when 1230 items are sold. [Hint: Revenue is price times quantity.] $ 100 X Interpret the marginal revenue value. At this level of sales, the revenue increases by about $ 48.3 Xper additional hundred items. How much will the price need to be changed to have this level of sales? (Round your answer to two decimal places.) Xby about $ 3.93 The price will need to be raised

For the price function p(x) = 10 √√3x where p is in dollars and x is the number sold in hundreds (0 ≤ x ≤ 30), use R(12) and MR(12) to approximate the revenue when 1230 items are sold. [Hint: Revenue is price times quantity.] $ 100 X Interpret the marginal revenue value. At this level of sales, the revenue increases by about $ 48.3 Xper additional hundred items. How much will the price need to be changed to have this level of sales? (Round your answer to two decimal places.) Xby about $ 3.93 The price will need to be raised

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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