XIf total revenue received from the sale of x items is given by R(x) = 10 In (4x + 1), while the total cost to produce x items is C(x) = ¹(a) The marginal revenue(b) The profit function P(x)(c) The marginal profit when x = 40(d) Interpret the results of part (c).(a) How can the marginal revenue be found?A. Find R(x) - C(x).B. Find the derivative of R(x).C. Find the derivative of R(x) - C(x).R( 2 ).D. Find Rfind the following.

Marginal revenue measures the change in a firm's total revenue due to the sale of additional units…

Answered: (a) How can the marginal revenue be…

(a) How can the marginal revenue be found? OA. Find R(x) - C(x). O B. Find the derivative of R(x). OC. Find the derivative of R(x) - C(x). OD. Find R

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Profit Maximization

Economic activity is related to the use of scarce resources of the economy that are used for producing goods and services which are required to satisfy various demands of the people. In other words, it can be said that it is all about satisfying the unlimited demands of individuals with the limited resources available. The production decision is taken by the producers or the firms. In economics, the terms ‘producers’, ‘suppliers’, and ‘firms’ are interchangeable. Now the question arises, what does a firm actually mean?

Question

X
If total revenue received from the sale of x items is given by R(x) = 10 In (4x + 1), while the total cost to produce x items is C(x) = ¹
(a) The marginal revenue
(b) The profit function P(x)
(c) The marginal profit when x = 40
(d) Interpret the results of part (c).
(a) How can the marginal revenue be found?
A. Find R(x) - C(x).
B. Find the derivative of R(x).
C. Find the derivative of R(x) - C(x).
R( 2 ).
D. Find R
find the following.

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