Calculate Minnie’s marginal revenue schedule and draw a graph of the market demand curve and Minnie’s marginal revenue curve. Explain why Minnie’s marginal revenue is less than the price.

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.

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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