Question

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 the following equation, where x is the number of units and p is the price in dollars. p = 370 − 0.3x (a) Find the total revenue from the sale of 500 units. $ (b) Find the marginal revenue at 500 units. $ (c) Is more revenue expected from the 501st unit sold or from the 701st? The 501st unit will bring in more revenue than the 701st unit. The 701st unit will bring in more revenue than the 501st unit. The 501st unit and the 701st unit will bring in the same revenue.

Answer #1

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 = 450 − 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 lose |MR| dollars...

Cost, revenue, and profit are in dollars and x is the
number of units.
Suppose that the total revenue function for a product is
R(x) =
55x
and that the total cost function is
C(x) = 2200 +
35x + 0.01x2.
(a) Find the profit from the production and sale of 500
units.
(b) Find the marginal profit function
(c) Find MP at x = 500.
Explain what it predicts.
The total profit will ------ by approximately $------- on the...

Total revenue is in dollars and x is the number of
units.
Suppose that the total revenue function for a commodity is
R = 81x −
0.02x2.
(a) Find R(100).
$
Tell what it represents.
The actual revenue of the 100th unit is this amount. The revenue
decreases by about this amount when the number of units is
increased from 100 to 101. 100 units
produce this amount of revenue. 101 units produce this amount of
revenue. The revenue increases...

Cost, revenue, and profit are in dollars and x is the
number of units.
Suppose that the total revenue function is given by
R(x) = 48x
and that the total cost function is given by
C(x) = 70 +
29x + 0.1x2.
(a) Find P(100).
P(100) =
(b) Find the marginal profit function MP.
MP =
(c) Find MP at x = 100.
MP(100) =
Explain what it predicts.
At x = 100, MP(100) predicts that cost will
increase by...

1. In this problem, p and C are in dollars and
x is the number of units.
A monopoly has a total cost function
C = 1000 + 216x + 0x2 for
its product, which has demand function p = 648 ?
3x ? 2x2.
Find the consumer's surplus at the point where the monopoly has
maximum profit. (Round your answer to the nearest cent.)
2. In this problem, p is in dollars and x is
the number of units....

Cost, revenue, and profit are in dollars and x is the number of
units. A firm knows that its marginal cost for a product is MC = 3x
+ 30, that its marginal revenue is MR = 70 − 5x, and that the cost
of production of 60 units is $7,380. (a) Find the optimal level of
production. units (b) Find the profit function. P(x) = (c) Find the
profit or loss at the optimal level. There is a of...

The total revenue function for a certain product is given by
Requals=440440x dollars, and the total cost function for this
product is Cequals=20 comma 00020,000plus+4040xplus+x squaredx2
dollars, where x is the number of units of the product that are
produced and sold. a. Find the profit function. b. Find the number
of units that gives maximum profit. c. Find the maximum possible
profit.

The total revenue function for a certain product is given by
R=590x dollars, and the total cost function for this product
is
C=15,000 +50x + x squared 2 dollars, where x is the number of
units of the product that are produced and sold.
a.
Find the profit function.
b.
Find the number of units that gives maximum profit.
c.
Find the maximum possible profit.

In this problem, p, price, is in dollars and x
is the number of units.
The demand function for a product is
p = 206 − x2.
If the equilibrium price is $10 per unit, what is the consumer's
surplus? (Round your answer to two decimal places.)
In this problem, p is in dollars and x is the
number of units.
The demand function for a certain product is
p = 81 − x2 and
the supply function is p...

Suppose a product's revenue function is given by
R(q)=−7q^2+200q, where R(q) is in dollars and q is the number of
units sold.
Use the marginal revenue function to find the approximate revenue
generated by selling the 39th unit.
Marginal revenue= ? dollars per unit
A company selling widgets has found that the number of items
sold, x, depends upon the price, p at which
they're sold, according the equation x=40000√5p+1
Due to inflation and increasing health benefit costs, the company...

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