Total revenue is in dollars andxis the number of units.

Suppose that in a monopoly market, the demand function for a product is given by

p=3200.1x wherexis the number of units andpis the price in dollars.

a) Find the total revenue from the sale of 500 units.

b) Find the marginal revenueMRat 500 units.

(c) Is more revenue expected from the 501st unit sold or from the 701st? Explain.

The 701st unit will bring in $more in revenue.