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, MR(q)MR(q), we need to differentiate the revenue function R(q)R(q) with respect to qq.

The revenue function is: R(q)=2q2+800qR(q) = -2q^2 + 800q

Now, take the derivative of R(q)R(q) with respect to qq: MR(q)=ddq(2q2+800q)MR(q) = \frac{d}{dq} \left( -2q^2 + 800q \right)

Step-by-step:

  • The derivative of 2q2-2q^2 is 4q-4q (using the power rule: ddq(qn)=nqn1\frac{d}{dq} (q^n) = nq^{n-1}).
  • The derivative of 800q800q is 800800 (since the derivative of a linear term kqkq is just kk).

So, the marginal revenue function is: MR(q)=4q+800MR(q) = -4q + 800

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:

  1. What is the significance of the marginal revenue function?
  2. How does marginal revenue relate to the demand function?
  3. At what quantity qq is the marginal revenue equal to zero?
  4. How would you find the maximum revenue from this function?
  5. 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