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Math Help - Price function and Revenue...HELP!!!!!

  1. #1
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    Unhappy Price function and Revenue...HELP!!!!!

    I just got this problem in my class and I have absolutely no idea how to do this please tell me how to do this or post it. Its my last math project and I just want to finally be done. Thank you!

    A music store has determined from a customer survey that when the price of each cd is $x, The number of ther cds sold monthly can be modeled by the price funtion as:

    p(x)=6250(0.92985)^x

    Questions:

    1. Find Revenue and plot it against price per Cd.

    2. Find Marginal Revenue and plot it against price per cd.

    3. Evaluate the Marginal Revenues at 12$, $13.75 and $15 and show it on the plot.
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  2. #2
    Grand Panjandrum
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    Quote Originally Posted by Snowboarder670 View Post
    I just got this problem in my class and I have absolutely no idea how to do this please tell me how to do this or post it. Its my last math project and I just want to finally be done. Thank you!

    A music store has determined from a customer survey that when the price of each cd is $x, The number of ther cds sold monthly can be modeled by the price funtion as:

    p(x)=6250(0.92985)^x

    Questions:

    1. Find Revenue and plot it against price per Cd.
    Revenue:

    R(x)=price\ \times\ sales =x p(x)

    2. Find Marginal Revenue and plot it against price per cd.
    If you have done calculus the marginal revenue is:

    MR=\left. \frac{dR}{dx}\right|_x

    otherwise it is the increase in revenue when sales increase by 1
    3. Evaluate the Marginal Revenues at 12$, $13.75 and $15 and show it on the plot.
    CB
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