Answered: Quantity Demanded (Q) Quantity Demanded…

Quantity Demanded (Q) Quantity Demanded (Q) Price (P) Price (P) $7.00 $4.50 5 6.50 4.00 6 6.00 2 3.50 7 5.50 3 3.00 8 5.00 4 2.50

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 1.1P

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Question

Use the demand schedule to the upper right to calculate total revenue and marginal revenue at each quantity. Plot the demand, total-revenue, and marginal revenue curves and explain the relationships between them. Explain why the marginal revenue of the fourth unit of output is $3.50, even though its price is $5. Use Chapter 6’s total-revenue test for price elasticity to designate the elastic and inelastic segments of your graphed demand curve. What generalization can you make as to the relationship between marginal revenue and elasticity of demand? Suppose the marginal cost of successive units of output was zero. What output would the profit-seeking fifirm produce? Finally, use your analysis to explain why a monopolist would never produce in the inelastic region of demand.

Quantity
Demanded (Q)
Quantity
Demanded (Q)
Price (P)
Price (P)
$7.00
$4.50
5
6.50
4.00
6
6.00
2
3.50
7
5.50
3
3.00
8
5.00
4
2.50

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