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)=0.0603x^2+1.4616x+ 2.1186 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.

(a) The marginal-revenue equation is R(x)= _________

(b) Find the marginal revenue for the production of 600,000,000 bushels. The marginal revenue is _______ hundred million dollars.

(c) Find the marginal revenue for the production of 650,000,000 bushels. The marginal revenue is _______ hundred million dollars.

Explanation / Answer

from given equation:

a) R'(x) =0.1206x+1.4616

b) marginal revenue is =0.1206*6+1.4616=2.1852

c) marginal revenue is =0.1206*6.5+1.4616=2.2455

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