question archive Use the following table to work Problems 2 to 4
Use the following table to work Problems 2 to 4
Subject:EconomicsPrice: Bought3
Use the following table to work Problems 2 to 4. 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. Price (dollars per bottle) Quantity (bottles Total cost (dollars per hour) per hour) 10 8 6 4 2 0 1 2 3 4 5 1 3 7 13 21 31 O 2. 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.
