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Math Help - Marginal Revenue?

  1. #1
    Junior Member
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    Nov 2008
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    Marginal Revenue?

    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
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  2. #2
    Junior Member
    Joined
    Nov 2008
    Posts
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    Marginal Revenue?

    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
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