Solution-Define the average revenue as a function

Define the average revenue as a function

Reference no: EM131563778

Question: MAXIMIZING REVENUE The average revenue is defined as the function

R¯(x) = R(x)/x (x > 0)

Prove that if a revenue function R(x) is concave downward [R"(x) = 0], then the level of sales that will result in the largest average revenue occurs when R(x) = R'(x).

Reference no: EM131563778

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Define the average revenue as a function

Reference no: EM131563778

Reference no: EM131563778

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