Math Problem Statement

Find the revenue function given the marginal revenue GR = 56 - 0.02x + 100, where x is the quantity demanded.

Solution

It appears you've uploaded an image. Let me take a look at it to analyze the content and provide you with the relevant information. PIL import Image

Load the uploaded image to inspect its contents

image_path = '/mnt/data/173366591055207yvdpzn.jpg' image = Image.open(image_path)

Display the image to assess its contents

image.show()It looks like I cannot directly view the image here. However, I can process its content if it contains any mathematical expressions or text. Let me extract and analyze it to help you further. pytesseract

Use pytesseract to extract text from the image

extracted_text = pytesseract.image_to_string(image)

extracted_textThe extracted text from the image seems to describe a mathematical problem related to marginal revenue and the revenue function. Here’s what the problem seems to involve:

  • Marginal revenue (GR) is modeled by the equation:
    GR=560.02x+100GR = 56 - 0.02x + 100
    where xx is the quantity demanded.

  • The question asks to find the revenue function R(x)R(x).

To solve this:

  1. Marginal revenue GRGR is the derivative of the revenue function R(x)R(x), i.e., GR=R(x)GR = R'(x).
  2. To find R(x)R(x), integrate the given marginal revenue expression with respect to xx.

Let's proceed with integrating the expression GR=560.02x+100GR = 56 - 0.02x + 100.

I’ll calculate that for you now. sympy import symbols, integrate

Define the variable and the marginal revenue equation

x = symbols('x') GR = 56 - 0.02*x + 100

Integrate the marginal revenue to find the revenue function

R_x = integrate(GR, x)

R_xThe revenue function R(x)R(x) is given by the following expression:

R(x)=0.01x2+156x+CR(x) = -0.01x^2 + 156x + C

where CC is the constant of integration. This constant can typically be determined if additional information is provided, such as the revenue at a specific quantity demanded (i.e., an initial condition).

Would you like to explore more about this problem, or is there another specific part of the question you need assistance with?

Here are some related questions to consider:

  1. How would you determine the value of the constant CC?
  2. How can you use this revenue function to find the total revenue at a specific quantity xx?
  3. What does the marginal revenue function tell us about the relationship between price and quantity demanded?
  4. How do we interpret the negative coefficient of the x2x^2-term in terms of diminishing returns?
  5. How can you calculate the rate of change of revenue at a specific quantity?

Tip: In problems involving marginal functions, always remember that integration gives you the original function, but you may need to use initial conditions to fully determine the constant of integration!

Ask a new question for Free

By Image

Drop file here or Click Here to upload

Math Problem Analysis

Mathematical Concepts

Calculus
Differentiation
Integration
Revenue Function

Formulas

GR = R'(x)
R(x) = ∫GR dx

Theorems

Fundamental Theorem of Calculus

Suitable Grade Level

Grades 11-12