Fill the following table for a monopolist firm. Marginal revenue Total revenue Output Price 0 $100 1 $85 2 $70 3 $55 4 $40 5 $25 Draw the demand curve and the marginal revenue curve for the above table. And explain the relationship between the marginal revenue and the price
Fill the following table for a monopolist firm. Marginal revenue Total revenue Output Price 0 $100 1 $85 2 $70 3 $55 4 $40 5 $25 Draw the demand curve and the marginal revenue curve for the above table. And explain the relationship between the marginal revenue and the price
Chapter8: Monopoly
Section: Chapter Questions
Problem 6SQP
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Question
- Fill the following table for a monopolist firm.
Marginal revenue |
Total revenue |
Output |
Price |
0 |
$100 |
||
1 |
$85 |
||
2 |
$70 |
||
3 |
$55 |
||
4 |
$40 |
||
5 |
$25 |
- Draw the demand curve and the marginal revenue curve for the above table. And explain the relationship between the marginal revenue and the price.
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