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= 290 0.2x 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. $ 95000 (b) Find the marginal revenue MR at 500 units. MR$ 90 Interpret this value. The 501st unit will bring in |MR| hundred dollars more in revenue. The 501st unit will lose |MR| dollars more in revenue. O The 501st unit will lose |MR| hundred dollars more in revenue. The 501st unit will bring in |MR| 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 $ 100 X more in revenue. Thus the 501st Need Help? Read It Watch It 0 ✓ 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= 290 0.2x 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. $ 95000 (b) Find the marginal revenue MR at 500 units. MR$ 90 Interpret this value. The 501st unit will bring in |MR| hundred dollars more in revenue. The 501st unit will lose |MR| dollars more in revenue. O The 501st unit will lose |MR| hundred dollars more in revenue. The 501st unit will bring in |MR| 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 $ 100 X more in revenue. Thus the 501st Need Help? Read It Watch It 0 ✓ 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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![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= 290 0.2x
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.
$ 95000
(b) Find the marginal revenue MR at 500 units.
MR = $ 90
Interpret this value.
O The 501st unit will bring in |MR| hundred dollars more in revenue.
The 501st unit will lose |MR| dollars more in revenue.
The 501st unit will lose |MR| hundred dollars more in revenue.
● The 501st unit will bring in |MR| 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 $ 100
X more in revenue. Thus the 501st
Need Help?
Read It
Watch It
unit will bring in more revenue.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F17a6eb4c-0e71-4122-b7fa-c2b09f455f62%2Faa19a836-1b34-4556-ae4a-928898e0b768%2Fpikqh9_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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= 290 0.2x
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.
$ 95000
(b) Find the marginal revenue MR at 500 units.
MR = $ 90
Interpret this value.
O The 501st unit will bring in |MR| hundred dollars more in revenue.
The 501st unit will lose |MR| dollars more in revenue.
The 501st unit will lose |MR| hundred dollars more in revenue.
● The 501st unit will bring in |MR| 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 $ 100
X more in revenue. Thus the 501st
Need Help?
Read It
Watch It
unit will bring in more revenue.
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