Exercise on Monopoly's Revenue
Consider the following:
Virgin Oil Star is the only seller of virgin oil in the city.
The table below shows the market demand for Virgin Oil.
- >Fill in the question marks spaces.
- What is the relation between P and AR? And between P and MR?
Market Demand for Virgin Oil
Q | P | TR | AR | MR |
0 | $11 | ????? | n/a | ------ |
1 | $10 | ????? | ????? | ????? |
2 | $8.50 | ????? | ????? | ????? |
3 | $7 | ????? | ????? | ????? |
4 | $5.25 | ????? | ????? | ????? |
5 | $4 | ????? | ????? | ????? |
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