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 IMRỊ 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 IMRỊ 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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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