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Question
For the marginal revenue function MR = 6 – 3x2 – x3, Find the revenue function and demand function
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Solution
MR = 6 – 3x2 – x3
Revenue function R = `int "MR" "d"x`
R = `int (6 – 3x^2 – x^3) "d"x`
R = `(6x - (3x^3)/3 - x^4/4) + "k"`
When x = 0
R = 0
⇒ k = 0
∴ R = `6 - x^3 -x^4/4`
Demand function P = `"R"/x`
= `((6x - x^3 - x^4/4))/x`
P = `6 - x^2 - x^3/4`
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