Math Problem Statement
Suppose a product's revenue function is given by R(q)=-2q^2+800_q .
Find an expression for the marginal revenue function, simplify it, and record your result in the box below. Be sure to use the proper variable in your answer. (Use the preview button to check your syntax before submitting your answer.)
MR(q)=
Solution
To find the marginal revenue function, , we need to differentiate the revenue function with respect to .
The revenue function is:
Now, take the derivative of with respect to :
Step-by-step:
- The derivative of is (using the power rule: ).
- The derivative of is (since the derivative of a linear term is just ).
So, the marginal revenue function is:
This is the simplified expression for the marginal revenue function.
Let me know if you'd like further details or have any questions!
Here are 5 questions to expand on this topic:
- What is the significance of the marginal revenue function?
- How does marginal revenue relate to the demand function?
- At what quantity is the marginal revenue equal to zero?
- How would you find the maximum revenue from this function?
- Can marginal revenue be negative? What does it mean in this case?
Tip: Marginal revenue helps you determine how much revenue changes with each additional unit produced or sold.
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Math Problem Analysis
Mathematical Concepts
Differentiation
Revenue Functions
Marginal Revenue
Formulas
Marginal Revenue: MR(q) = dR(q)/dq
Theorems
Power Rule in Differentiation: d(q^n)/dq = nq^(n-1)
Suitable Grade Level
Grades 11-12, Early College
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