Pierce Manufacturing determines that the daily revenue, in dollars, from the sale of x lawn chairs is R(x) = 0.003x° + 0.01x +0.5x. Currently, Pierce sells 70 lawn chairs daily. a) What is the current daily revenue? b) How much would revenue increase if 75 lawn chairs were sold each day? c) What is the marginal revenue when 70 lawn chairs are sold daily?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
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Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
ChapterB: Differential Calculus Techniques In Management
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Pierce Manufacturing determines that the daily revenue, in dollars, from the sale of x lawn chairs is R(x) = 0.003x° +0.01x +0.5x. Currently, Pierce sells 70 lawn chairs
daily.
a) What is the current daily revenue?
b) How much would revenue increase if 75 lawn chairs were sold each day?
c) What is the marginal revenue when 70 lawn chairs are sold daily?
d) Use the answer from part (c) to estimate R(71), R(72), and R(73).
.....
a) The current revenue is $
b) The revenue would increase by $. (Round to the nearest cent.)
c) The marginal revenue is $ when 70 lawn chairs are sold daily.
d) R(71) - $
R(72) $
R(73) $
Transcribed Image Text:3 Pierce Manufacturing determines that the daily revenue, in dollars, from the sale of x lawn chairs is R(x) = 0.003x° +0.01x +0.5x. Currently, Pierce sells 70 lawn chairs daily. a) What is the current daily revenue? b) How much would revenue increase if 75 lawn chairs were sold each day? c) What is the marginal revenue when 70 lawn chairs are sold daily? d) Use the answer from part (c) to estimate R(71), R(72), and R(73). ..... a) The current revenue is $ b) The revenue would increase by $. (Round to the nearest cent.) c) The marginal revenue is $ when 70 lawn chairs are sold daily. d) R(71) - $ R(72) $ R(73) $
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