Revenue function and Marginal revenue function of P
p = 8 - 2LNx
Find the revenue function and the marginal revenue function
i got these:
revenue function R(x)= 6-2log(x)
marginal revenue (r') = -2/x
Is that correct?
and i have no idea how to start these problems based on the same numbers:(Headbang)
(b) (2 pts) Find the number (in thousands) of hot dogs that can be sold during one
game such that the marginal revenue is zero.
(c) (2 pts) Find the instantaneous rate of change of the marginal revenue.
(xc) (2 pts) Use part (c) to justify that the answer in part (b) generates the maximum revenue. What is the maximum revenue?