The table shows the demand schedule of a monopolist. Calculate marginal revenue and fill in the revenue column in the table. Assume that output can only be sold in integer amounts (i.e., 1 unit, 2 units, etc.). Once you have filled in marginal revenue, identify the quantity produced by the monopolist in this market. Quantity Price Marginal Cost Marginal Revenue 1 $13 $3 MR₁ 2 $12 $4 MR₂ 3 $11 $5 MR3 4 $6 MR4 5 $7 MR5 6 $8 MR6 $10 $9 $8

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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The table shows the demand schedule of a monopolist. Calculate marginal revenue and fill in the revenue column in the table.
Assume that output can only be sold in integer amounts (i.e., 1 unit, 2 units, etc.). Once you have filled in marginal revenue,
identify the quantity produced by the monopolist in this market.
Quantity
Price
Marginal Cost
Marginal Revenue
1
$13
$3
MR1
2
$12
$4
3
$11
$5
4
$10
$6
$9
$7
$8
$8
MR₁ :
5
6
5
Incorrect
MR₂
MR3
MR4
MR5
MR6
MR₂:
5
Incorrect
Transcribed Image Text:The table shows the demand schedule of a monopolist. Calculate marginal revenue and fill in the revenue column in the table. Assume that output can only be sold in integer amounts (i.e., 1 unit, 2 units, etc.). Once you have filled in marginal revenue, identify the quantity produced by the monopolist in this market. Quantity Price Marginal Cost Marginal Revenue 1 $13 $3 MR1 2 $12 $4 3 $11 $5 4 $10 $6 $9 $7 $8 $8 MR₁ : 5 6 5 Incorrect MR₂ MR3 MR4 MR5 MR6 MR₂: 5 Incorrect
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Thank you! Sorry I forgot to add these parts here. 

MR₁ :
MR3 :
13
Incorrect
MR5:
Incorrect
How many units does the monopolist produce?
MR₂:
MR4:
11
Incorrect
MR6:
Quantity:
Incorrect
Incorrect
Transcribed Image Text:MR₁ : MR3 : 13 Incorrect MR5: Incorrect How many units does the monopolist produce? MR₂: MR4: 11 Incorrect MR6: Quantity: Incorrect Incorrect
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