Question
In: Economics
The table shows the demand schedule facing Nina, a monopolist selling baskets. What is the change in total revenue if she raises the price from $12 to $14?
| Price | Number of Baskets Sold |
| $20 | 3 |
| 18 | 5 |
| 16 | 7 |
| 14 | 10 |
| 12 | 15 |
| 10 | 30 |
The table shows the demand schedule facing Nina, a monopolist selling baskets. What is the change in total revenue if she raises the price from $12 to $14?
$-180
$180
$-40
$40
Solutions
Expert Solution
The Correct Option is $-40
Explanation:
Total Revenue = Price 
Quantity
At price of $12,
Total Revenue = 12
15 = 180
At price of $14,
Total Revenue = 14
10 = 140
Change in total revenue = Total revenue at price $14 - total revenue at price $12 = 140 - 180 = $-40
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