4 a Complete the following table:Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign ()in front of those numbers.Price$24$23$20$17$14$11$8$5$2Quantity demanded3468.Tolal revenueMarginal revenueb. At what rate of output does marginal revenue turn negative?c. If marginal cost is constant at $5, what is the profit-maximizing rate of output?d. What price should this monopolist charge for that rate of output?

Marginal revenue refers to the additional revenue generated from one more unit of production.

a Complete the following table: Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. Price $24 $23 $20 $17 $14 $11 $8 $5 Quantty demanded 2. 3. 4 7. Total evenue Marginal revenue

a Complete the following table: Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. Price $24 $23 $20 $17 $14 $11 $8 $5 Quantty demanded 2. 3. 4 7. Total evenue Marginal revenue

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 40P: Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from...

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Question

a Complete the following table:
Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign ()
in front of those numbers.
Price
$24
$23
$20
$17
$14
$11
$8
$5
$2
Quantity demanded
3
4
6
8.
Tolal revenue
Marginal revenue
b. At what rate of output does marginal revenue turn negative?
c. If marginal cost is constant at $5, what is the profit-maximizing rate of output?
d. What price should this monopolist charge for that rate of output?

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