Pierce Manufacturing determines that the daily revenue, in dollars, from the sal
ID: 2893781 • Letter: P
Question
Pierce Manufacturing determines that the daily revenue, in dollars, from the sale of x lawn chairs is R(x) = 0.005x^3 + 0.02x^2 + 0.4x. Currently. Pierce sells 80 lawn chairs daily a) What is the current daily revenue? b) How much would revenue increase if 85 lawn chairs wore sold each day? c) What is the marginal revenue when 80 lawn chairs are sold daily? d) Use the answer from part (c) to estimate R(81), R(82), and R(83) a) The current revenue is $ _____. b) The revenue would increase by $ _____. (Round to the nearest cent) c) The marginal revenue is $ _______ when 80 lawn chairs are sold daily d)R(81) almostequalto $ _____ R(82) almostequalto $ _______Explanation / Answer
given R(x)=0.005x3+0.02x2+0.4x
a)current daily revenue =R(80)
current daily revenue =0.005(80)3+0.02(80)2+0.4(80)
current daily revenue =2720 $
b)
increase in revenue =R(85)-R(80)
increase in revenue=[0.005(85)3+0.02(85)2+0.4(85)]-[0.005(80)3+0.02(80)2+0.4(80)]
increase in revenue=529.13 $
c)
marginal revenue =R'(x)
marginal revenue =0.015x2+0.04x+0.4
when 80 chairs are sold daily
marginal revenue =0.015*802+0.04*80 +0.4
marginal revenue =99.6 $
(d)
R(81)R(80) +(81-80)*R'(80)
R(81)(2720) +(81-80)*(99.6)
R(81)2720 +99.6
R(81)2819.6 $
R(82)R(80) +(82-80)*R'(80)
R(82)(2720) +(82-80)*(99.6)
R(82)2720 +199.2
R(82)2919.2 $
R(83)R(80) +(83-80)*R'(80)
R(83)(2720) +(83-80)*(99.6)
R(83)2720 +199.2
R(83)3018.8 $