Question

This Quiz: 10 pts possib Price and marginal revenue (dollars per rosebush) 14- 12- 2 10- 8- winnie's Rare Roses is a single-price monopoly. The table gives Minnie's demand schedule Price Quantity (dollars per rosebush) (rosebushes per hour) 14 0 13 12 11 3 10 4 9 5 Draw the following points on the demand curve to show the quantity demanded 1) when the price of a rosebush is $14. Label it 1. 2) when the price of a rosebush is $9. Label it 2. Draw the demand curve through the points. Labelit D. Draw the following points on the marginal revenue curve 1) when the quantity increases from 0 to 1. Labelit 3. 2) when the quantity increases from 4 to 5. Label it 4. Draw the marginal revenue curve through the points. Extend it to the y-axis and label it MR. 6- 2- 0- 5 Quantity (rosebushes per hour) >>> Draw only the objects specified in the question Click the graph, choose a tool in the palette and follow the instructions to create your graph. W

Answer 1

Sol 3 12 S 70 2 Price and Marginal Revenue 4 MR 4 2 2 3 4 5 6 Quantity A When price Ory 2) When price is $9, Oty is 5 units. when price $14 Day Point 2, when price = $9 oty 5 units Point 1, - 0 units

Price Oty TR = PxQ MR= ATR/ o 13 14 13 12 11 10 g 2 3 4. 5 13 24 33 40 45 09 07 05 1) When Oty increases from o to , MR = 13 Point 3 2) When 4 to 5, increases from Oty MR-5 Point 4