In Figure 7 1, (a) What is the highest price the monopolist could charge and still sell fish (b) What is total revenue at that highest price (c) What happens to total revenue as price is reduced from A to F (d) What is the value of marginal revenue as price is reduced from F to G $14 13 12 Marginal...

a 13 b 13 c Total Revenue increases by 48 d 1 Explanation a According to the dema ...

In Figure 7.1, (a) What is the highest price the monopolist could charge and still sell fish?

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In Figure 7.1,

(a) What is the highest price the monopolist could charge and still sell fish?

(b) What is total revenue at that highest price?

(d) What is the value of marginal revenue as price is reduced from F to G?

$14 13 12 Marginal revenue is less than price for a monopoly. 11 10 Demand (= price) 4 Marginal revenue 5 6 7 8 2 3 10 4

(1) Quantity x (2) Price (3) Total Revenue (4) Marginal Revenue $13 $13 -$11 12 24 11 33 4 10 40 5 5 45 3 48 49

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Essentials of Economics

ISBN: 978-1259235702

10th edition

Authors: Bradley Schiller, Karen Gebhardt

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Question Posted: Aug 30, 2017 11:51 PM

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In Figure 7.1, (a) What is the highest price the monopolist could charge and still sell fish?

Question:

$14 13 12 Marginal revenue is less than price for a monopoly. 11 10 Demand (= price) 4 Marginal revenue 5 6 7 8 2 3 10 4 QUANTITY (pounds of fish per hour) PRICE (per pound) 9. (1) Quantity x (2) Price (3) Total Revenue (4) Marginal Revenue $13 $13 -$11 12 24 11 33 4 10 40 5 5 45 3 48 49

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a 13 b 13 c Total Revenue increases by 48 d 1 Explanation a According to the dema...View the full answer

Essentials of Economics

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