Math Problem Statement
Solution
From the image, the problem asks to determine the total revenue (TR) function given the marginal revenue (MR) function:
To find the total revenue function , we integrate the marginal revenue function with respect to :
Steps:
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Integrate :
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The constant represents the initial revenue when . If no initial condition is provided, remains as an unknown constant.
Final Answer:
Let me know if you want further explanation or calculations!
Here are some follow-up questions to expand your understanding:
- What is the economic meaning of the constant in the total revenue function?
- How would the total revenue function change if the marginal revenue had a quadratic term?
- How do marginal revenue and total revenue relate graphically?
- How do we determine the quantity that maximizes total revenue?
- What happens to and when ?
Tip: The integration process is essential in transitioning from marginal functions (rates of change) to total functions. Always remember to add the constant of integration!
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Math Problem Analysis
Mathematical Concepts
Integration
Revenue Analysis
Formulas
MR = d(TR)/dQ
TR(Q) = ∫MR dQ
Theorems
Fundamental Theorem of Calculus
Suitable Grade Level
Undergraduate Economics or Mathematics
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