A monopolist is facing the market demand, P = = 10 - Q. Which of the following statements is incorrect? A)Marginal revenue is given by MR = 10 - 2Q. B)At P = 8, the market demand is elastic. C) Total profit is maximized at Q = 5. D)Total revenue is given by TR = Q(10-Q).

A monopolist is facing the market demand, P = = 10 - Q. Which of the following statements is incorrect? A)Marginal revenue is given by MR = 10 - 2Q. B)At P = 8, the market demand is elastic. C) Total profit is maximized at Q = 5. D)Total revenue is given by TR = Q(10-Q).

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Give explanation of the correct option and explanation of the incorrect options. Note: Dear expert hand written is not allowed.

A monopolist is facing the market demand, P = 10 - Q.
Which of the following statements is incorrect?
A)Marginal revenue is given by MR = 10 - 2Q.
B)At P = 8, the market demand is elastic.
C)Total profit is maximized at Q = 5.
D)Total revenue is given by TR = Q(10-Q).

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