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.

1Calculate 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.

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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