The table shows the demand schedule of a monopolist. Calculate marginal revenue and fill in the revenue column in the table.Assume that output can only be sold in integer amounts (i.e., 1 unit, 2 units, etc.). Once you have filled in marginal revenue,identify the quantity produced by the monopolist in this market.Not all numbers in the answer bank will be used.Quantity PriceMarginal costMarginal revenue$13Answer Bank$3$13$12$4$1$8$5$1$9$6$10$2$6$10$7$4$9$7$5$8$8$3$0$12How many units does the monopolist produce?6.units

Question
Asked Dec 13, 2019
50 views
The table shows the demand schedule of a monopolist. Calculate marginal revenue and fill in the revenue column in the table.
Assume that output can only be sold in integer amounts (i.e., 1 unit, 2 units, etc.). Once you have filled in marginal revenue,
identify the quantity produced by the monopolist in this market.
Not all numbers in the answer bank will be used.
Quantity Price
Marginal cost
Marginal revenue
$13
Answer Bank
$3
$13
$12
$4
$1
$8
$5
$1
$9
$6
$10
$2
$6
$10
$7
$4
$9
$7
$5
$8
$8
$3
$0
$12
How many units does the monopolist produce?
6.
units
help_outline

Image Transcriptionclose

The table shows the demand schedule of a monopolist. Calculate marginal revenue and fill in the revenue column in the table. Assume that output can only be sold in integer amounts (i.e., 1 unit, 2 units, etc.). Once you have filled in marginal revenue, identify the quantity produced by the monopolist in this market. Not all numbers in the answer bank will be used. Quantity Price Marginal cost Marginal revenue $13 Answer Bank $3 $13 $12 $4 $1 $8 $5 $1 $9 $6 $10 $2 $6 $10 $7 $4 $9 $7 $5 $8 $8 $3 $0 $12 How many units does the monopolist produce? 6. units

fullscreen
check_circle

Expert Answer

Step 1

Since the given table gives information about the MC, we can calculate MR from the total revenue.

Total Revenue = Price * Quantity

Marginal revenue i...

help_outline

Image Transcriptionclose

PRICE (IN $) QUANTITY MARGINAL COST TOTAL REVENUE MARGINAL REVENUE $3 $4 13 1. 13 13 12 24 11 $5 $6 $7 $8 3 11 33 10 40 45 48 9 00

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Economics

Microeconomics

Related Economics Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: List the names of the current chairperson of the Federal Reserve and members of the Board of Governo...

A: Since there are multiple questions posted here, the first one only will be answered in this session....

question_answer

Q: Scenario 14-1. A competitive firm sells its output for $20 per unit. When the firm produces 200 unit...

A: 15.The competitive firm sells 200 units of output and the average variable cost of the firm is given...

question_answer

Q: Why do you think that expansionary fiscal policy can fail during a recession?

A: Recession is a situation in the economy, when there is general decline in the economic activity. For...

question_answer

Q: 4) The Federal Reserve expands the money supply by 5 percent a)Use the theory of liquidity preferenc...

A: Figure 1 shows the impact of increasing money supply. By Liquidity preference Theory, an increase in...

question_answer

Q: Explain why increased government spending of, for example, $15 billion, will have a different impact...

A: The changes in tax and public expenditure are the major fiscal policy measures used by the governmen...

question_answer

Q: A perfectly competitive rm produces output q with capital K and labor L according to the production...

A: (d) We can calculate the value q at which the minimum of ATC occur as follows.

question_answer

Q: answer part B and part C of Question 1.

A: Total Profit:Profit may be defined as surplus remaining after the deduction of total costs from the ...

question_answer

Q: Shirley has to choose between a 2-day trip and a 3-day trip to Hollywood. The table below shows the ...

A: The table showing net benefit and marginal difference is given below: 

question_answer

Q: Robert and Bruce have identical marginal private cost curves and demand curves and use the same amou...

A: 1) If the Robert and Bruce are not contribute to maintain the land. The marginal private cost of and...