Final answer:
To calculate the total revenue, substitute the quantity into the price-demand equation. For the 8th phone, find the change in total revenue when the quantity changes by 1. Average revenue is total revenue divided by quantity. Marginal average revenue is the change in average revenue when the quantity changes by 1.
Step-by-step explanation:
To calculate the total revenue, we can substitute the quantity of 9 into the price-demand equation.
15x + p = 77
15(9) + p = 77
135 + p = 77
p = 77 - 135
p = -58
The total revenue of producing 9 phones is found by multiplying the price, -58, by the quantity, 9.
Total revenue = price x quantity = -58 x 9 = -522.
To calculate the marginal revenue of producing the 8th phone, we need to find the change in total revenue when the quantity changes by 1.
Marginal revenue = change in total revenue / change in quantity.
The average revenue of producing 5 phones is found by dividing the total revenue of producing 5 phones by the quantity, 5.
Average revenue = total revenue / quantity.
To calculate the marginal average revenue of producing the 6th phone, we need to find the change in average revenue when the quantity changes by 1.
Marginal average revenue = change in average revenue / change in quantity.