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 = 480 − 0.3x 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. The 501st unit will lose |MR| hundred 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| 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.

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 = 480 − 0.3x 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. The 501st unit will lose |MR| hundred 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| 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.

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter2: Functions

Section2.4: Average Rate Of Change Of A Function

Problem 4.2E: bThe average rate of change of the linear function f(x)=3x+5 between any two points is ________.

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