Step 1 :Let's denote the number of the first model of MP3 players made as \(x\) (in millions), and the number of the second model made as \(y\) (in millions).
Step 2 :The company's revenue can be modeled by the equation \(R(x, y)=160x+90y-2x^{2}-4y^{2}-xy\).
Step 3 :We can find the marginal revenue equations by taking the partial derivatives of the revenue function with respect to \(x\) and \(y\).
Step 4 :The marginal revenue with respect to \(x\) is \(R_{x}(x, y)=-4x - y + 160\).
Step 5 :The marginal revenue with respect to \(y\) is \(R_{y}(x, y)=-x - 8y + 90\).
Step 6 :To find the production levels that will maximize revenue, we set both partial derivatives equal to zero and solve the resulting system of equations.
Step 7 :Solving the system of equations \(R_{x}=0\) and \(R_{y}=0\), we find that revenue will be maximized when \(x=\frac{1190}{31}\) and \(y=\frac{200}{31}\).
Step 8 :\(\boxed{R_{x}(x, y)=-4x - y + 160, R_{y}(x, y)=-x - 8y + 90, x=\frac{1190}{31}, y=\frac{200}{31}}\)