please very soon Total revenue is in dollars and x is the number of units.Suppose that in a monopoly market, the demand function for a product is given byp = 480 – 0.1xwhere x is the number of units and p is the price in dollars.(a) Find the total revenue from the sale of 500 units.%24(b) Find the marginal revenue MR at 500 units.MR -$Interpret this value.The 501st unit will bring in IMR| dollars more in revenue.The 501st unit will bring in IMR| hundred dollars more in revenue.The 501st unit will lose IMR| dollars more in revenue.The 501st unit will lose (MR| hundred dollars more in revenue.(c) Is more revenue expected from the 501st unit sold or from the 701st? Explain.The 701st unit will bring in $more in revenue. Thus the --Select-unit will bring in more revenue.O O O

The total revenue is given by the product of price and quantity. Marginal revenue is nothing but the…

Total revenue is in dollars and x is the number of units. Suppose that in a monopoly market, the demand function for a product is given by p- 480 - 0.1x where x is the number of units and p is the price in dollars. (a) Find the total revenue from the sale of 500 units. (b) Find the marginal revenue MR at 500 units. MR -$ Interpret this value. The 501st unit will bring in IMRI dollars more in revenue. The 501st unit will bring in IMRI hundred dollars more in revenue. The 501st unit will lose IMRI dollars more in revenue. The 501st unit will lose (MRI hundred dollars more in revenue. (c) Is more revenue expected from the 501st unit sold or from the 701st? Explain. The 701st unit will bring inS more in revenue. Thus the -Select- unit will bring in more revenue.

Total revenue is in dollars and x is the number of units. Suppose that in a monopoly market, the demand function for a product is given by p- 480 - 0.1x where x is the number of units and p is the price in dollars. (a) Find the total revenue from the sale of 500 units. (b) Find the marginal revenue MR at 500 units. MR -$ Interpret this value. The 501st unit will bring in IMRI dollars more in revenue. The 501st unit will bring in IMRI hundred dollars more in revenue. The 501st unit will lose IMRI dollars more in revenue. The 501st unit will lose (MRI hundred dollars more in revenue. (c) Is more revenue expected from the 501st unit sold or from the 701st? Explain. The 701st unit will bring inS more in revenue. Thus the -Select- unit will bring in more revenue.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Elasticity

Section6.4: The Relationship Between Taxes And Elasticity

Problem 4ST

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Total revenue is in dollars and x is the number of units. Suppose that in a monopoly market, the demand function for a product is given by p = 470 – 0.2x where x is the number of units and p is the price in dollars. (a) Find the total revenue from the sale of 500 units. 24 (b) Find the marginal revenue MR at 500 units. MR = $ %3D Interpret this value. O The 501st unit will lose |MR| dollars more in revenue. The 501st unit will bring in |MR| hundred dollars more in revenue. O The 501st unit will bring in |MR| dollars more in revenue. O The 501st unit will lose |MR| hundred dollars more in revenue. (c) Is more revenue expected from the 501st unit sold or from the 701st? Explain. The 701st unit will bring in $ more in revenue. Thus the v ---Select--- unit will bring in mo 501st Need Help? Read It Watch It 701st Submit Answer
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