please make sure to complete the second part of the question. thank you 2520Demand1510Marginal Revenue-10-15-20250 1 2 310114Quantity (Units)Lising the data from the demand schedule, plot the total revenue curve on the following graph. Lise the green points (triangle symbol) to plot thepoints from left to right in the order in which you want them to appear. Line segments will connect automatically.Hint: Do not forget to plot the point coresponding to a price of $0.15roTotal Revenue5045403530252015101011QUANTITY (Units)PRICE (Dolars)TOTAL REVENUE (Dolars) In the following table, which contains the demand schedule for a monopolist, enter the total revenue (TR) and marginal revenue (MR) for each price.For each price-quantity combination (that is, table row), indicate whether demand is elastic, unitary elastic, or inelastic at that point on the demandcurve.Hint: Do not calculate the price elasticity of demand mathematically. Instead, use what you know about elasticity along different segments of a lineardemand curve to determine the elasticity of each price-quantity combination.Price (P)(Dollars)Quantity Demanded (Q) (Dollars)Total Revenue (TR) Marginal Revenue (MR)(Dollars)Price Elasticity of Demand25.0022.5020.00217.50315.00412.50510.007.5075.002.500.0010Lising the data from the demand schedule, plot the demand and marginal revenue curves on the folowing graph. Use the blue points (circde symbol)to plot the demand curve and the purple points (diamond symbol) to plot marginal revenue curve. Plot the points from left to right in the order inwhich you want them to appear. Line segments will connect automatically.Note: Be sure to plot marginal values between the appropriate whole unit values. For example, the first point on your marginal revenue curve(representing the marginal revenue of the first unit) should be plotted at a value of 0.5 on the horizontal axis, and the dollar value of the marginalvalue on the vertical axis: (0.5, s22.50).

The demand for a commodity is defined as the quantity that a consumer desires to buy and is willing…

Total Revenue (TR) Price (P) (Dollars) Quantity Demanded (Q) (Dollars) Marginal Revenue (MR) (Dollars) Price Elasticity of Demand 25.00 22.50 20.00 17.50 15.00 12.50 10.00 7.50 5.00 2.50 0.00 10 Using the data from the demand schedule, plot the demand and marginal revenue curves on the following graph. Use the blue points (cirde symbol) to plot the demand curve and the purple points (diamond symbol) to plot marginal revenue curve. Plot the points from left to right in the order in which you want them to appear. Line segments will connect automatically.

Total Revenue (TR) Price (P) (Dollars) Quantity Demanded (Q) (Dollars) Marginal Revenue (MR) (Dollars) Price Elasticity of Demand 25.00 22.50 20.00 17.50 15.00 12.50 10.00 7.50 5.00 2.50 0.00 10 Using the data from the demand schedule, plot the demand and marginal revenue curves on the following graph. Use the blue points (cirde symbol) to plot the demand curve and the purple points (diamond symbol) to plot marginal revenue curve. Plot the points from left to right in the order in which you want them to appear. Line segments will connect automatically.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Monopoly

Section: Chapter Questions

Problem 6SQP

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In the following table, which contains the demand schedule for a monopolist, enter the total revenue (TR) and marginal revenue (MR) for each price. For each price–quantity combination (that is, table row), indicate whether demand is elastic, unitary elastic, or inelastic at that point on the demand curve. Hint: Do not calculate the price elasticity of demand mathematically. Instead, use what you know about elasticity along different segments of a linear demand curve to determine the elasticity of each price–quantity combination.
The table shows the demand schedule of a monopolist. Calculate marginal revenue and fill in the revenue column in the table. Assume that output can only be sold in integer amounts (i.e., 11 unit, 22 units, etc.). Once you have filled in marginal revenue, identify the quantity produced by the monopolist in this market. Quantity Price Marginal Marginal Cost Revenue 1 $13 $3 MR1 2 $12 $4 MR2 3 $11 $5 MR3 4 $10 $6 MR4 $9 $7 MR5 6. $8 $8 MR6 How many units does the monopolist produce? Quantity:
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Describe the concept of price elasticity! Why it is for a monopoly less profitable to act inmarkets with high price elasticity? What can a monopolist or a firm with market power do, inorder to increase the profits?
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The table shows the demand schedule of a monopolist. Calculate marginal revenue and fill in the revenue column in the table. Assume that output can only be sold in integer amounts (i.e., 1 unit, 2 units, etc.). Once you have filled in marginal revenue, identify the quantity produced by the monopolist in this market. Not all numbers in the answer bank will be used. Quantity Price Marginal cost Marginal revenue 1 $13 $3 $13 Answer Bank 2 $12 $4 $6 $8 $4 3 $11 $5 $9 $1 $2 $11 $5 4 $10 $6 $9 $7 $3 $10 $0 $12 $7 $8 $8 How many units does the monopolist produce? units
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The table shows the demand schedule of a monopolist. Calculate marginal revenue and fill in the revenue column in the table. Assume that output can only be sold in integer amounts (i.e., 1 unit, 2 units, etc.). Once you have filled in marginal revenue, identify the quantity produced by the monopolist in this market. Not all numbers in the answer bank will be used. Quantity Price Marginal cost Marginal revenue 1 $13 $1 Answer Bank $12 $2 $3 $6 $1 $5 $10 3 $11 $3 $0 $7 $8 $9 $12 4 $10 $4 $13 $11 $2 $4 5 $9 $5 6. $8 $6 %24
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