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Question
If the demand function is given by p = 1500 – 2x – x2 then find the marginal revenue when x = 10.
Options
1160
1600
1100
1200
Solution
1160
Explanation:
Demand function
P = 1500 – 2x – x2
∴ Revenue (R) = Px = 1500x – 2x2 – x3
∴ Marginal Revenue
MR = `(dR)/dx`
= `d/dx (1500x - 2x^2 - x^3)`
= 1500 – 4x – 3x2
When x = 10
Then (MR)x=10 = 1500 – 4 × 10 – 3 × 102
= 1500 – 40 – 300
= 1160
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