use the demand schedule to calculate total revenue and marginal revenue at each quantity.
Price (P)
Quantity Demanded (Q)
7
0
6.5
1
6
2
5.5
3
5
4
4.5
5
4
6
3.5
7
3
8
2.5
9
use the demand schedule to calculate total revenue and marginal revenue at each quantity.
| Price (P) | Quantity Demanded (Q) |
| 7 | 0 |
| 6.5 | 1 |
| 6 | 2 |
| 5.5 | 3 |
| 5 | 4 |
| 4.5 | 5 |
| 4 | 6 |
| 3.5 | 7 |
| 3 | 8 |
| 2.5 | 9 |
Related textbook solutions
Related questions
Use the following demand schedule for a monopolist to calculate total revenue and marginal revenue. For each price, indicate whether demand is elastic, unit elastic, or inelastic. Using the data from the demand schedule, graph the demand curve, the marginal revenue curve, and the total revenue curve. Identify the elastic, unit elastic, and inelastic segments along the demand curve.
| Price (P) | Quantity Demanded (Q) | Total Revenue | Marginal Revenue | Price elasticity of demand |
| $5.00 | 0 | |||
| 4.50 | 1 | |||
| 4.00 | 2 | |||
| 3.50 | 3 | |||
| 3.00 | 4 | |||
| 2.50 | 5 | |||
| 2.00 | 6 | |||
| 1.50 | 7 | |||
| 1.00 | 8 | |||
| 0.50 | 9 | |||
| 0 | 10 |
Use the following demand schedule for a monopolist to calculate total revenue and marginal revenue. For each price, indicate whether demand is elastic, unit elastic, or inelastic. Using the data from the demand schedule, graph the demand curve, the marginal revenue curve, and the total revenue curve. Identify the elastic, unit elastic, and inelastic segments along the demand curve.
| Price (P) | Quantity Demanded (Q) | Total Revenue | Marginal Revenue | Price elasticity of demand |
| $5.00 | 0 | |||
| 4.50 | 1 | |||
| 4.00 | 2 | |||
| 3.50 | 3 | |||
| 3.00 | 4 | |||
| 2.50 | 5 | |||
| 2.00 | 6 | |||
| 1.50 | 7 | |||
| 1.00 | 8 | |||
| 0.50 | 9 | |||
| 0 | 10 |
A) Use the demand schedule that follows to calculate total revenue and marginal revenue at each quantity.
Instructions: Do not include a dollar sign with values in the table. Do not enter more than 2 decimal places for any answer in the table.
| Price (P) | Quantity Demanded | Total Revenue | Marginal Revenue |
| $ 7.00 | 0 | $ | - |
| 6.50 | 1 | $ | |
| 6.00 | 2 | ||
| 5.50 | 3 | ||
| 5.00 | 4 | ||
| 4.50 | 5 | ||
| 4.00 | 6 | ||
| 3.50 | 7 | ||
| 3.00 | 8 | ||
| 2.50 | 9 |
B) Plot the demand, total-revenue, and marginal-revenue curves.
