Question: A national food service runs food concessions for sporting events throughout the country. The company's marketing research department chose a particular football stadium to test market a new jumbo hot dogs. It was found that the demand for the new hot dog is given approximately by \(p=8-2 \ln x\) for \(5 \leq x \leq 50\), where \(x\) is the number (in thousands) of hot dogs that can be sold during one game at a price of $p.

1. (4 pts) Find the revenue function and the marginal revenue function when \(x\) thousand hot dogs can be sold during one game.
2. (2 pts) Find the number (in thousands) of hot dogs that can be sold during one game such that the marginal revenue is zero.
3. (2 pts) Find the instantaneous rate of change of the marginal revenue.

(xc) (2 pts) Use part (c) to justify that the answer in part (b) generates the maximum revenue. What is the maximum revenue?

Price: $2.99

Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document