I really need help on an equation and i can't figure it out. Found no example like this in my book, nothing.
When Mary sells pumpkins at 4 dollars she sells 500 when she decreases her price to $3 she sells 900 pumpkins. Her cost are $900 fixed and $2 per techinque.
Find the Price Equation, Revenue Equation And Marginal Cost.
I Have no idea where even to start as terrible as that sounds!!!!!(Crying)
...$2 per technique?
Originally Posted by Jamiesalex
the price equation we can get from the question, when we figure out what "technique" means
the revenue equation is just the price times the number of pumpkins sold
the marginal cost, if my memory serves me correctly (it rarely does) is the derivative of the cost function.