The price p per pound of flour when x pounds of flour are demanded is given by the equation
p= -7x+2000
What is the marginal revenue=
Thanks
You may want to double check me, but I believe it works like this:
Marginal Revenue is derived by taking the derivative of the total revenue.
Total revenue = price per unit * quantity sold.
So in this case, total revenue = (-7X+2000) * X = -7X^2 + 2000X
Marginal revenue is the first derivative with respect to X, or -14X + 2000.
Does that make sense?
- Steve J