Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer 2b completely in the correct computation manner and all the sub questions in 2b. Please and thank you :D You are supposed to

Please answer 2b completely in the correct computation manner and all the sub questions in 2b. Please and thank you :D "You are supposed to use the width of each rectangle times the height of the rectangle. You aremultiplying the x-coordinate of the right endpoint with the height. The width and the x-coordinate are not the same"

image text in transcribed
Problem 2 Your business is trying to project total revenue for this upcoming year, but only has the information available to estimate marginal revenue. Recall that MR(q)=R'(q); that is, marginal revenue is the derivative of revenue. Based on the data available, you generate the following table: Units Sold Marginal Revenue 0 SO 100 $10 200 $30 300 $40 a. Plot these points by hand, letting the y-axis represent marginal revenue and the x-axis represent units sold; then sketch a curve passing through these points to model the marginal revenue function, MR(q). b. Using 3 equal-width intervals, approximate the total revenue when 300 units are sold. You may use either right or left endpoints but be sure to include approximationg rectangles in your sketch. Is your estimate an over-estimate or an under-estimate? How can you tell

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

Algebra Form And Function

Authors: William G McCallum, Eric Connally, Deborah Hughes Hallett

2nd Edition

1119032091, 9781119032090

More Books

Students also viewed these Mathematics questions

Question

3. What values would you say are your core values?

Answered: 1 week ago