The revenue equation (in hundreds of millions of dollars) for barley production

Question

The revenue equation (in hundreds of millions of dollars) for barley production in a certain country is approximated by R(x) = 0.0704x^2 + 1.1624x+ 2.4824 where x is in hundreds of millions of bushels. Find the marginal-revenue equation and use it to find the marginal revenue for the production of the given number of bushels. The marginal-revenue equation is R'(x) (Round to four decimal places as needed.) Find the marginal revenue for the production of 600,000,000 bushels. The marginal revenue is hundred million dollars (Type an integer or decimal rounded to two decimal places as needed.) Find the marginal revenue for the production of 750,000,000 bushels The marginal revenue is hundred million dollars. Type an integer or decimal rounded to two decimal places as needed.)

Explanation / Answer

R(x)= .0704x2 + 1.1624x +2.4824

a.    R'(x)= 2*.0704x + 1.1624 = .1408x + 1.1624

b. x=600,000,000 = 6 hundred millions

R'(x) = .1408 * 6 +1.1624= 2.0072 =2.01

c. x=750,000,000 =7.5 hundred millions

R'(x)= .1408*7.5 + 1.1624 = 2.2184 =2.22

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