A manufacturer estimates that when x units of a particular commodity are produced, the market price p

Question:

A manufacturer estimates that when x units of a particular commodity are produced, the market price p (dollars per unit) is given by the demand function p = 300e0.02x

a. What market price corresponds to the production of x = 100 units?

b. How much revenue is obtained when 100 units of the commodity are produced?

c. How much more (or less) revenue is obtained when x = 100 units are produced than when x = 50 are produced?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Calculus For Business, Economics And The Social And Life Sciences

ISBN: 9780073532387

11th Brief Edition

Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price

Question Posted: