and marginal utility top 3 difference between total utility and marginal utility utility in economic terms is the satisfaction that is derived by a person from the consumption of any goods or services. there are two types of utility specified in economics, namely, total utility and marginal ...
Assume that the total revenue (in $) from the scale of x television sets is given R(x)=24(x2+x)2/3. Find the marginal revenue function, R′(x). The Marginal Revenue Function For a given revenue function R(x), the mar...
Based on historical data, an overseas manufacturer produced the company’s products at steeply discounted prices, i.e. the company’s strategy is to acquire customers by offering cheap products (and to then useupsellingandcross-sellingtactics to generate morerevenue). However, the demand for the ...
Suppose your profit for one day is $1,281 and the cost of running the business for the day is $1,463. What is the revenue for that day? The rate of change of revenue (in dollars per calculator) from the sale of x calculators...
If the price of x is 15 and the price of y is 20, and if Elmer chooses to consume 5 units of y, what must his income be?(1) Number of Bushel (per Day)(2) Price(3)Total Revenue-(4)Total Cost=(5)Total Profit(6)Alice has a utility function u(x1, ...