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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 the following equation, where x is the number of units and p is the price in dollars. p = 330 − 0.2x
(a) Find the total revenue from the sale of 500 units. $ _____
(b) Find the marginal revenue at 500 units. $ _____
(c) Is more revenue expected from the 501st unit sold or from the 701st? (which of the following options are true?)
1) The 501st unit and the 701st unit will bring in the same revenue.
2) The 701st unit will bring in more revenue than the 501st unit.
3) The 501st unit will bring in more revenue than the 701st unit.

Sagot :

Total revenue from the sales would be  p = 330 − 0.2x, p = 330 - 0.2*500 = 330 - 100 = 230.

What is meant by total revenue?

The whole amount of money a seller may make by providing goods or services to customers is known as total revenue. The formula for this is P Q, or the purchase price times the quantity of the products sold.

An indefinitely elastic demand curve is presented to a corporation that is completely competitive. In other words, the market price is the only price at which it may be sold. At any lower price, it could sell the same quantity at the going rate and yet make more money, but at any higher price, nobody would purchase any quantity. The market price multiplied by the amount that the business decides to manufacture and sell equals total revenue.

To study more about total revenue.

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