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1) Minnie's Mineral Springs, a single-price monopoly, faces the market demand schedule: Price Quantity demanded (dollars per bottle) (bottles per hour) 10 ONACOO i. Calculate
1) Minnie's Mineral Springs, a single-price monopoly, faces the market demand schedule: Price Quantity demanded (dollars per bottle) (bottles per hour) 10 ONACOO i. Calculate Minnie's total revenue and marginal revenue schedule. ii. Draw a graph of the market demand curve and Minnie's marginal revenue curve. iii. At what price is Minnie's total revenue maximized? iv. Over what range of prices is the demand for water from Minnie's Mineral Springs elastic
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