Explaining the meaning of a derivative

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The discussion focuses on finding the derivative of revenue, represented by the equation R=30P-2P^2. The derivative dR/dP is calculated as 30-4P, which indicates the rate of change of revenue with respect to the price per item. This concept relates to marginal revenue, which is crucial for understanding how changes in price affect total revenue. The participant initially struggled with the interpretation but later recognized its significance in economic terms. Understanding this derivative is essential for making informed pricing decisions in a business context.
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Homework Statement


As the result of a survey, the marketing director of a company found that the revenue, $R, from selling n produced items at $P is given by the rule R=30P-2P^2

Find dR/dP and explain what it means

Homework Equations


I've found the dR/dP, however, I'm unsure of what this means in terms of the criteria in the question


The Attempt at a Solution



dR/dP= 30-4P

Edit:
Don't worry! Just solved it, it's rate of change of revenue with respect to price. I'm so silly
 
Last edited:
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Have you studied the concept of marginal revenue?
 

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