Question

Question 11 12 pts Assume the total revenue from the sale of 'x'lawnmowers is given by : R(x) = 250000*(0.005x)0.3 Read carefully before answering the following: (a) Find the total revenue if 700 units are sold. Total revenue is $ [Select] (b) Find the marginal revenue if 700 units are sold. The marginal revenue is $ [Select] (c) Find the average revenue per unit if 700 units are sold. The average revenue is $ [Select)

Answer 1

Please UPVOTE.

Solution Total revenue function is given by- R(X) = 2 50000X (0.005x) 0.3 l 700 unity are sold- (a) Total revenue if ľ ut a=700 in ① 0.3 R(700) = 250000 X (0.005X700) RC700) = 364,049.485$ R (700) = 364,049 $ or (6) Marginal revenue MR101) = dR(2) da > MR(X)=(250000 x 10,005x)".3, da 0.3-1 0.3 -0.7 MR X) = 250000 X (0.005) x 0.3xx .) MR (a) = 15,302,1433 X X at a=700 MR(700) = 156.021$ OR 1156$ (c) Average revenue AR(a) = R1VU_ 250000X (0.0053 0-3 x 0.3 -0.7 3) AR (A) = 250000 X (0.005)" x x at a=700 AR(700) = 520, 07 520 $