A demand function is p = 4002q, where q is the quantity of the good sold for price $p
Chapter 4, Problem 28(choose chapter or problem)
A demand function is p = 4002q, where q is the quantity of the good sold for price $p. (a) Find an expression for the total revenue, R, in terms of q. (b) Differentiate R with respect to q to find the marginal revenue, MR, in terms of q. Calculate the marginal revenue when q = 10. (c) Calculate the change in total revenue when production increases from q = 10 to q = 11 units. Confirm that a one-unit increase in q gives a reasonable approximation to the exact value of MR obtained in part (b).
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