Suppose the following data represent the market demand for catfish: LO2

Price (per unit) $20191817161514131211 Quantitydemanded(unitsperday) 12131415161718192021 Total revenue ?????????? Marginal revenue ??????????

1. Compute total and marginal revenue to complete the table above. 2. At what rate of output is total revenue maximized? 3. At what rate of output is MR less than price? 4. At what rate of output does MR first become negative?

5. Graph the demand and MR curves.

. Suppose the following data represent the market demand for catsh: L02 Price (per unit) 320191317161514131211 Quantity demanded (units per day) 12131415161713192021 Total revenue Marginal revenue 1. Compute total and marginal revenue to complete the table above. 2. At what rate of output is total revenue maximized? 3. At what rate of output is MR less than price? 4. At what rate of output does MR. rst become negative? 5. Graph the demand and MR curves