At what price is Minnies total revenue maximized and over what price range is the demand for
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At what price is Minnie’s total revenue maximized and over what price range is the demand for water elastic? Why will Minnie not produce a quantity at which the market demand is inelastic?
Minnie’s Mineral Springs is a single-price monopoly.
Columns 1 and 2 of the table set out the market demand schedule for Minnie’s water and columns 2 and 3 set out Minnie’s total cost schedule.
Transcribed Image Text:
Price (dollars per bottle) 10 8 6 4 2 20 0 Quantity (bottles per hour) 0 12345 2 4 Total cost (dollars per hour) 1 3 7 13 21 31
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To solve these questions we need to calculate a few values 1 Total Revenue TR TR Price P x Quantity Q 2 Marginal Revenue MR MR is the change in TR div...View the full answer
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