Question
A monopolistic farmer of hybrid, organic vegetables has collected consumer data and has discovered that the 11th consumer's willingness to pay for a basket of
A monopolistic farmer of hybrid, organic vegetables has collected consumer data and has discovered that the 11th consumer's willingness to pay for a basket of vegetables is $28.50, while the 12th consumer's willingness to pay is $26. Suppose the farmer is initially selling 11 baskets and decides to increase sales to 12 baskets.
- Your answer should include only numbers and a decimal (if applicable). Do not include the $-sign.
- If your answer is not an integer, round it to the nearest cent (two decimal places).
- If your answer is an integer, do not add the ".00" at the end of your answer. For example, if your answer is $1, typing in "1" is the correct answer format. Do not type in "1.00".
The farmer will give up $ in revenues on the baskets it was already selling.
The farmer will gain $ in revenues on the new basket sold.
The marginal revenue for the 12th basket of vegetables is $ . Include the negative sign, if applicable.
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