Economics: Revenue Consider the following cost and demand information for a monopoly (in
Chapter 3, Problem 99(choose chapter or problem)
Economics: Revenue Consider the following cost and demand information for a monopoly (in dollars). Complete the table, and then use the information to answer the questions. (Source: Adapted from Taylor, Economics, Fifth Edition) (a) Use the regression feature of a graphing utility to find a quadratic model for the total revenue data. (b) From the total revenue model you found in part (a), use derivatives to find an equation for the marginal revenue. Now use the values for output in the table and compare the results with the values in the marginal revenue column of the table. How close was your model? (c) What quantity maximizes total revenue for the monopoly?
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