Math Problem Statement
Suppose that the marginal revenue for a product is given by MR = −34 (2x + 1)2
- 34 where x is the number of units and revenue is in dollars. Find the total revenue, R(x). R(x) =
Solution
The marginal revenue (MR) represents the rate of change of the total revenue function , meaning . To find the total revenue function , we integrate the given marginal revenue function with respect to .
Given:
Now, we integrate to find :
Step 1: Split the integral
We can split the integral into two parts:
Step 2: Solve each integral
First integral:
Let , hence , or .
Substitute into the integral:
Second integral:
Step 3: Combine the results
Now, combine the two parts: where is the constant of integration.
Thus, the total revenue function is:
Would you like to find the constant using an initial condition, or do you have any questions on this?
Here are 5 questions to expand your understanding:
- What is the significance of the constant of integration in this problem?
- How would you determine the constant if given an initial condition, like ?
- How does the shape of the marginal revenue function affect the behavior of ?
- What is the long-term behavior of the total revenue function as grows large?
- How can we interpret the units of the terms in the total revenue function?
Tip: Always check whether an initial condition is provided to determine the specific constant of integration for practical applications of the function.
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Math Problem Analysis
Mathematical Concepts
Calculus
Integration
Marginal Revenue
Total Revenue
Formulas
MR = dR(x) / dx
R(x) = ∫ (MR) dx
∫ -34 / (2x + 1)^2 dx + ∫ 34 dx
Theorems
Fundamental Theorem of Calculus
Suitable Grade Level
Grades 11-12 or College Level
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