please very soon 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 byp = 480 – 0.1xwhere x is the number of units and p is the price in dollars.(a) Find the total revenue from the sale of 500 units.%24(b) Find the marginal revenue MR at 500 units.MR -$Interpret this value.The 501st unit will bring in IMR| dollars more in revenue.The 501st unit will bring in IMR| hundred dollars more in revenue.The 501st unit will lose IMR| 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.O O O

The total revenue is given by the product of price and quantity. Marginal revenue is nothing but the…

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 - 0.1x 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 bring in IMRI dollars more in revenue. The 501st unit will bring in IMRI hundred dollars more in revenue. The 501st unit will lose IMRI dollars more in revenue. The 501st unit will lose (MRI 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 inS 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- 480 - 0.1x 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 bring in IMRI dollars more in revenue. The 501st unit will bring in IMRI hundred dollars more in revenue. The 501st unit will lose IMRI dollars more in revenue. The 501st unit will lose (MRI 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 inS more in revenue. Thus the -Select- unit will bring in more revenue.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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