Minnie's Mineral Springs is a single-price monopoly. Columns 1 and 2 of the table set out the market demand schedule for Minnie's water and columns 2 and 3 set out Minnie's total cost schedule.

Calculate Minnie's marginal revenue schedule and draw a graph of the market demand curve and Minnie's marginal revenue curve. Explain why Minnie's marginal revenue is less than the price.

ina revenue curve. Explain why Minnie's marginal rovenue is less than the price. Market Total bost SC Price crantity Marginal revenue (dollars per demanded Total revenue [dollars per bottle) "bottles per hour {dollars) bottle) 2