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Marginal Revenue: Pricing Tuna Assume that the demand equation for tuna in a small coastal town is given by
a. Calculate the price that the town’s fishery should charge for tuna to produce a demand of 400 pounds of tuna per month.
b. Calculate the monthly revenue R as a function of the number of pounds of tuna q.
c. Calculate the revenue and marginal revenue (derivative of the revenue with respect to q) at a demand level of 400 pounds per month, and interpret the results.
d. If the town fishery’s monthly tuna catch amounted to 400 pounds of tuna and the price is at the level in part (a), would you recommend that the fishery raise or lower the price of tuna to increase its revenue?
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Chapter 11 Solutions
Student Solutions Manual for Waner/Costenoble's Finite Math and Applied Calculus, 7th
- Number 4 plsarrow_forwardGood Day, Would appreciate any assistance with this query. Regards,arrow_forwardThis question builds on an earlier problem. The randomized numbers may have changed, but have your work for the previous problem available to help with this one. A 4-centimeter rod is attached at one end to a point A rotating counterclockwise on a wheel of radius 2 cm. The other end B is free to move back and forth along a horizontal bar that goes through the center of the wheel. At time t=0 the rod is situated as in the diagram at the left below. The wheel rotates counterclockwise at 1.5 rev/sec. At some point, the rod will be tangent to the circle as shown in the third picture. A B A B at some instant, the piston will be tangent to the circle (a) Express the x and y coordinates of point A as functions of t: x= 2 cos(3πt) and y= 2 sin(3t) (b) Write a formula for the slope of the tangent line to the circle at the point A at time t seconds: -cot(3πt) sin(3лt) (c) Express the x-coordinate of the right end of the rod at point B as a function of t: 2 cos(3πt) +411- 4 -2 sin (3лt) (d)…arrow_forward
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