Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1: 7. [-/4 Points] DETAILS TANAPCALC10 3.R.066. ASK Demand for Smartphones The marketing department of Telecon has determined that the demand for their smartphones obeys

image text in transcribed
1: 7. [-/4 Points] DETAILS TANAPCALC10 3.R.066. ASK Demand for Smartphones The marketing department of Telecon has determined that the demand for their smartphones obeys the relationship p = -0.02x + 900 (0 s x S 30,000) where p denotes the phone's unit price (In dollars) and x denotes the quantity demanded. (a) Find the revenue function R. R(X) = (b) Find the marginal revenue function R'. R'(X) = (c) Compute R'(7,000) (in dollars). $ Interpret your result. O The 7,001st phone will have a price equal to the above amount. The sale of the 7,001st phone will bring a revenue equal to the above amount. O The 7,000th phone will have a price equal to the above amount. The sale of the 7,000th phone will bring a revenue equal to the above amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Geometry Using The Geometer's Sketchpad

Authors: Barbara E Reynolds, William E Fenton

1st Edition

1118213408, 9781118213407

More Books

Students also viewed these Mathematics questions

Question

Draw a picture consisting parts of monocot leaf

Answered: 1 week ago