Suppose the following data represent the market demand for catfish:
Price (per unit) ....................................... $20191817161514131211
Quantity demanded (units per day) ................ 12131415161718192021
Total revenue .......................................... ----------
Marginal revenue .................................... ----------
(a) Compute total and marginal revenue to complete the table above.
(b) At what rate of output is total revenue maximized?
(c) At what rate of output is MR less than price?
(d) At what rate of output does MR first become negative?
(e) Graph the demand and MR curves.