Total revenue is governed by the equation TR = 3 = + 7.Maximum revenue occurs when X = .

Question

Total revenue is governed by the equation TR = 3  =  + 7.Maximum revenue occurs when X =  .

Quizplus · Accepted Answer

This is a true statement. The equation for total revenue indicates that it is a function of the quantity sold, X. To find the maximum revenue, we need to find the value of X that makes TR the highest. This can be done by taking the derivative of TR with respect to X, setting it equal to zero, and solving for X. The result is X = 11eab9ea_e598_4a18_b53a_cbde33f06489_TB5481_11, which is the quantity that maximizes revenue.

Total Revenue Is Governed by the Equation TR = 3