Marginal Revenue

[kabraithwaite]

I have this problem for homework and I have tried several ways to get the answer but I keep getting it wrong, please help!

Problem:
If the price of a stereo system is given by p(q)=(1500/q^2)+1000, where q represents the demand for the product, find the marginal revenue when the demand is 15.

I do not know how the answer is obtained. Thanks for any help!

 

[tkhunny]

You have the price, p(q).

You can invent the revenue, r(q) = q*p(q) ==> Or, you can expand this if you like.

The marginal revenue is easy after that: r'(x) = q*p'(x) + p(x)