The demand equation for handcrafted violins by a certain violin maker can be approximated by p=20-x where p is the price in thousands of dollars and x is the quantity of violins demanded. Find and interpret the marginal revenue for each of the given production levels. (a) x = 7 (b) x = 10 (c) x = 11

The demand equation for handcrafted violins by a certain violin maker can be approximated by p=20-x where p is the price in thousands of dollars and x is the quantity of violins demanded. Find and interpret the marginal revenue for each of the given production levels. (a) x = 7 (b) x = 10 (c) x = 11

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The demand equation for handcrafted violins by a certain
violin maker can be approximated by p=20-x where p is
the price in thousands of dollars and x is the quantity of
violins demanded. Find and interpret the marginal revenue
for each of the given production levels.
(a) x = 7
(b) x = 10
(c) x = 11
What is the marginal revenue function, R'(x)?
R'(x) =

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