Concept explainers
In Problems 1-8, total revenue is in dollars and x is the number of units.
Suppose that the total revenue function for a commodity is
(a) Find R(50) and tell what it represents.
(b) Find the marginal revenue function.
(c) Find the marginal revenue at x = 50 and tell what it predicts about the sale of the next unit and the next 2 units.
(d) Find
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Mathematical Applications for the Management Life and Social Sciences
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