use the following table to work prroblem 5 to 9 problems minnlesmineral spring faces the market demand schedule in problem 5 and has the following total cost schedule

Price (Dollars per bottle)Quantity demand (bottles per hour)

100

81

62

43

24

05

5.a) calculate minnies total revenue schedule

b) calculate its marginal revenue schedule

6.a) draw a graph for the market demand curve and minnles marginal revenue curve

b) why is minnels marginal revenue is less than the price ?

7.a) at what price is minnels total revenue maximized

b) over what range of prices is the demand for water from minnie's mineral spring elastic?

8)why will minnie not produce a quantity at which the market demand for water is inelastic?

9) minnies mineral spring faces the market demand schedule in problem 5 and has the following total cost schedule

Quantity produced (bottles per hour)total cost (dollars)

01

13

27

313

421

5 31

a) calculate minnie's profit maximizing output and price

b) calculate the economic profit