Question: In Figure 7.1's graph, (a) At what output rate (from A to G) is total revenue maximized? (b) What is MR at that output rate?

In Figure 7.1's graph,

(a) At what output rate (from A to G) is total revenue maximized?

(b) What is MR at that output rate?

(1) Quantity x (2) Price (3) Total Revenue (4) Marginal Revenue $13 $13 -$11 12 24 11 33 4 10 40 5 5 45 3 48 49

$14 13 12 Marginal revenue is less than price for a monopoly. 11 10 Demand (= price) 4 Marginal revenue 5 6 7 8 2 3 10 4 QUANTITY (pounds of fish per hour) PRICE (per pound) 9. (1) Quantity x (2) Price (3) Total Revenue (4) Marginal Revenue $13 $13 -$11 12 24 11 33 4 10 40 5 5 45 3 48 49

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