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Math
Mathematical Applications for the Management, Life, and Social Sciences11th Edition

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Chapter 9.9, Problem 6E
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Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042

Solutions

Chapter
Section
Problem 1CP
Problem 2CP
Problem 3CP
Problem 4CP
Problem 5CP
Problem 6CP
Problem 7CP
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 22E
Problem 23E
Problem 24E
Problem 25E
Problem 26E
Problem 27E
Problem 28E
Problem 29E
Problem 30E
Problem 31E
Problem 32E
Problem 33E
Problem 34E
Problem 35E
Problem 36E
Problem 37E
Problem 38E
BuyFindarrow_forward

Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042
Textbook Problem

In Problems 1-8, 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   = 160   −  0 .1 x 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 and interpret the marginal revenue at 500 units.

(c) Is more revenue expected from the 501st unit sold or from the 701st? Explain.

(a)

To determine

To calculate: The total revenue generated by selling 500units If the demand function for the product is represented by p=160−0.1x where, x represents the number of unit sold and p represents the price (in dollar).

Explanation

Given information:

The provided demand function for the product is represented by p=160−0.1x where, x represents the number of unit sold and p represents the price (in dollar).

Formula used:

The total revenue for selling x unit of product is given by:

R(x)=pâ‹…x

Where R(x) and p(x) are total revenue function and total demand function.

Calculation:

Consider the provided demand function,

p=160−0.1x

Since, x represents the number of unit sold that is 500 and p represents the demand function.

Therefore, apply the formula of total revenue that is, R(x)=pâ‹…x,

Now, substitute p=160−0.1x in the above formula,

Thus,

R(x)=(160−0

(b)

To determine

To calculate: The value of marginal revenue generated by selling 500units and also interpret the result, If the demand function for the product is represented by p=160−0.1x where, x represents the number of unit sold and p represents the price (in dollar).

(c)

To determine

Whether the value of expected revenue generated by selling 501st units is more or 701st, If the demand function for the product is represented by p=160−0.1x where, x represents the number of unit sold and p represents the price (in dollar).

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Sect-9.1 P-1CPSect-9.1 P-2CPSect-9.1 P-3CPSect-9.1 P-4CPSect-9.1 P-5CPSect-9.1 P-6CPSect-9.1 P-7CPSect-9.1 P-8CPSect-9.1 P-9CPSect-9.1 P-10CP
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The average annual premium for automobile insurance in the United States is 1503 (Insure.com website, March 6, ...

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A process that is in control has a mean of = 12.5 and a standard deviation of = .8. a. Construct the x contro...

Statistics for Business & Economics, Revised (MindTap Course List)

Describe how time-related factors such as history, maturation, instrumentation, statistical regression, and ord...

Research Methods for the Behavioral Sciences (MindTap Course List)

Practice Solve each problem. Delivering ads A university of Florida student earns 20 per day delivering adverti...

College Algebra (MindTap Course List)

EXPLORING CONCEPTS Motion of a Spring Rewrite yh in the solution toExercise 31 by using the identity acost+bsin...

Multivariable Calculus

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