QUESTION 3:

A) Suppose biochemist Mary Sue was working in the lab one day and discovered a highly effective and safe treatment for acne. She promptly filed for a patent and secured a monopoly for her invention. Her friend Lenora conducted some market research on the demand for Mary Sue's new product (in 4 oz jars) (see table below). Given this information, if Mary Sue produced 2,500 jars a day, what is the highest price she could charge and still sell 2,500 jars per day?

OPTIONS: 100, 90, 80, 70

B) Suppose biochemist Mary Sue was working in the lab one day and discovered a highly effective and safe treatment for acne. She promptly filed for a patent and secured a monopoly for her invention. Her friend Lenora conducted some market research on the demand for Mary Sue's new product (in 4 oz jars) (see table below). Given this information, Mary Sue's total revenue would be $___________ if she produced and sold 2,000 jars per day.

C) Suppose biochemist Mary Sue was working in the lab one day and discovered a highly effective and safe treatment for acne. She promptly filed for a patent and secured a monopoly for her invention. Her friend Lenora conducted some market research on the demand for Mary Sue's new product (in 4 oz jars) (see table below). Given this information, what is her marginal revenue if she increases production from 2,500 jars to 3,000 jars?

OPTIONS: 225,000, 500, 50, 30

\begin{tabular}{|c|c|} \hline Quantity Demanded (4 oz jars) & Price/jar \\ \hline 2,000 & $100 \\ \hline 2,500 & $90 \\ \hline 3,000 & $80 \\ \hline 3,500 & $70 \\ \hline 4,000 & $60 \\ \hline 4,500 & $50 \\ \hline 5,000 & $40 \\ \hline 5,500 & $30 \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline Quantity Demanded (4 oz jars) & Price/jar \\ \hline 2,000 & $100 \\ \hline 2,500 & $90 \\ \hline 3,000 & $80 \\ \hline 3,500 & $70 \\ \hline 4,000 & $60 \\ \hline 4,500 & $50 \\ \hline 5,000 & $40 \\ \hline 5,500 & $30 \\ \hline \end{tabular}