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The following graph illustrates the demand curve facing a single-price monopolist. Suppose the monopolist initially sells its output at $40 per unit. Then it raises
The following graph illustrates the demand curve facing a single-price monopolist. Suppose the monopolist initially sells its output at $40 per unit. Then it raises its price to $50 per unit.
Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from selling fewer units of output. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling each unit of output at a higher price.
Please clarity the coordinates so that I can understand it.
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