During the holidays, Duncan works as a gift wrapper. He works 35 hours a week, spread equally over 5 workdays. If Duncan earns $
2 answers:
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Answer:
(a)
(b)
(c)R'(5400)=$394
Step-by-step explanation:
Given that x is the quantity demanded and the speaker's unit price (in dollars) is p where:
p = −0.02x + 610 (0 ≤ x ≤ 20,000)
(a)Revenue function R.
Revenue = Price X Quantity Demanded
Therefore:
R(x)=xp
(b)Marginal revenue function R'(x)
If
Then, the marginal revenue function
(c)We want to compute R'(5,400)
From the above, we can infer that the revenue that will be generated on the sales of the 5401st item is $394.