Draw demand curve and marginal revenue curve if firms

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Reference no: EM13392840

Assume the demand curve faced by a monopolist is given by the following table:

price demand total revenue marginal revenue

55 45

60 40

65 35

70 30

75 25

80 20

85 15

90 10

95 5

100 0

(a) Fill in the columns of the table for total revenue and marginal revenue.

(b) Draw the demand curve and the marginal revenue curve.

(c) If the firm's marginal cost is $75, what is the equilibrium monopoly price? How much does a monopolist produce? (d) What would be the price and quantity produced if this were a competitive market (assume marginal costs to be $75)?

Reference no: EM13392840

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