Suppose the accompanying table describes the demand for a good produced by monopolist. Price Quantity $ 20 1 19 2 18 3 17 4 16 5 15 6 14 7 13 8 12 9 11 10 10 11 9 12 The monopolist’s total revenue from selling three units is ______, and the monopolist’s marginal revenue from selling the third unit is ______. Multiple Choice $57; $18 $57; $16 $54; $16 $6; $6
Suppose the accompanying table describes the demand for a good produced by monopolist. Price Quantity $ 20 1 19 2 18 3 17 4 16 5 15 6 14 7 13 8 12 9 11 10 10 11 9 12 The monopolist’s total revenue from selling three units is ______, and the monopolist’s marginal revenue from selling the third unit is ______. Multiple Choice $57; $18 $57; $16 $54; $16 $6; $6
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose the accompanying table describes the demand for a good produced by monopolist.
Price | Quantity |
---|---|
$ 20 | 1 |
19 | 2 |
18 | 3 |
17 | 4 |
16 | 5 |
15 | 6 |
14 | 7 |
13 | 8 |
12 | 9 |
11 | 10 |
10 | 11 |
9 | 12 |
The monopolist’s total revenue from selling three units is ______, and the monopolist’s marginal revenue from selling the third unit is ______.
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