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
Rahul Sunny answered 2 years agoRelated Solutions
. From the hypothetical market demand schedule in the table, determine the total revenue. On two...
. From the hypothetical market demand schedule in
the table, determine the total revenue. On two graphs, plot the
demand schedule and total revenue. Find the elasticity of market
demand between the points (A and B, B and C, etc) and indicate
whether the price elasticity of demand is elastic, inelastic, or
unitary elastic. Please show all work to receive full marks.
Alternative or point Price
(in $) Quantity demanded
(million units/year)
A $3.50 1
B 3.00 2
C 2.50 ...
The following table shows the demand curve facing a monopolist who produces at a constant marginal...
The following table shows the demand curve facing a monopolist
who
produces at a constant marginal cost of $10:
Price Quantity
18 0
16 4
14 8
12 12
10 16
8 20
6 24
4 28
2 32
0 36
a) Calculate the firm’s marginal revenue curve.
b) What are the firm’s profit-maximizing output and price? What is
its profit?
c) What would the equilibrium price and quantity be in a
competitive industry?
d) What would the social gain...
The following table shows the demand curve facing a monopolist who produces at a constant marginal...
The following table shows the demand curve facing a monopolist
who produces at a constant marginal cost of $10:
Price
Quantity
18
0
16
4
14
8
12
12
10
16
8
20
6
24
4
28
2
32
0
36
a) Calculate the firm’s marginal revenue curve.
b) What are the firm’s profit-maximizing output and price? What
is its profit?
c) What would the equilibrium price and quantity be in a
competitive industry?
d) What would the social gain...
For a monopolist, marginal revenue equals Multiple Choice Price. Price times quantity. The change in total...
For a monopolist, marginal revenue equals
Multiple Choice Price. Price times quantity. The change in total
revenue divided by the change in quantity. The change in quantity
divided by the change in total revenue
The Following table shows the demand and supply schedule for pineapple fruits Quantity Demand kg price($)...
The Following table shows the demand and supply schedule for
pineapple fruits
Quantity Demand kg price($) Quantity Supplied in kg
26 5 4
23 10 9
18 15 14
14 20 18
9 25 23
4 30 26
a. Plot the supply and demand
curves.
b. Identify the equilibrium price
and quantity
c. What will happen if government
passed a law that no seller should sell bellow a price of $25.
d. Explain the market situation at
a price of 5.
e. If quantity...
14. Consider a monopoly facing the following demand, marginal revenue, total cost, and marginal cost curves:...
14.
Consider a monopoly facing the following demand, marginal revenue,
total cost, and marginal cost curves:
Demand curve: P = 12 – 0.002 Q
Marginal revenue curve: MR = 12 – 0.004 Q
Total cost curve: TC = 3Q +0.0005Q2
Marginal cost curve: MC = 3 + 0.001 Q
a. Calculate the profit maximizing output of this monopoly.
Briefly explain your answer.
b. What is the socially efficient output level? Briefly explain
your answer.
c. Suppose the government wants to...
1. The following table shows the demand schedule for video games. Price (per unit) Quantity Demanded...
1. The following table shows the demand schedule for video
games. Price (per unit) Quantity Demanded (per year) Total
Expenditure A $30 400 000 B 35 380 000 C 40 350 000 D 45 320 000 E
50 300 000 F 55 260 000 G 60 230 000 H 65 190 000
a. Compute the total expenditure for each row in the table.
b. Compute the price elasticities of demand between A and B, C
and D, E and F,...
Question 4 The following table shows the demand schedule for video games. Price Quantity Demanded TE...
Question 4
The following table shows the demand schedule for video
games.
Price
Quantity Demanded
TE = (P)(Q)
A
30
400,000
12000000
B
35
380,000
13300000
C
40
350,000
14000000
D
45
320,000
14400000
E
50
300,000
15000000
F
55
260,000
14300000
G
60
230,000
13800000
H
65
190,000
12350000
4.2 Compute the price elasticities of demand
between points A and B, B and C, c and D, and so on.
4.3 Over what range of prices is the demand...
What happens to total revenue if price increases and demand is inelastic? Why?
If the demand for a product is inelastic, it means that the quantity demanded of that product does not change significantly in response to changes in the product's price. In this scenario, if the price of the product increases, the total revenue earned by the seller will also increase.
Consider the following hourly demand and cost schedule for a firm facing a fixed price of $ 6.00 per unit. (Tπ, is Total Profit).
Consider the following hourly demand and cost schedule
for a firm facing a fixed price of $ 6.00 per unit.
(Tπ, is Total
Profit).Q P
TR
MR
TFC
TVC
TC
MC
ATC
AVC
Tπ
0
$6.00
$2.00
1
4 2
6 3
8 4
11 5 15
6
207
26 8
33 9
41
10 5011
60
Complete the columns for ATC, AVC, andMC as well as those for (TC),TVC,...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Why do we compare means instead of individual scores? for comparing average SAT test scores across...
- NPV Your division is considering two projects with the following cash flows (in millions): 0...
- The equivalent synchronous impedance of a 25kVA, 400V three-phase Y-connected synchronous generator is 0.05 + j1.6...
- You have $100,000 to invest in either Stock D, Stock F, or a risk-free asset. You...
- In two or three sentences, explain how you have seen the concept of grit work in...
- You have invested 30 percent of your portfolio in Jacob, Inc., 40 percent is Bella Co.,...
- Parallel Arrays This question is in MindTap Cengage Summary In this lab, you use what you...
ADVERTISEMENT