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Question: Minnie's Mineral Springs is a single-price monopoly. Columns 1 and 2 of the table set out the market demand schedule for Minnie's water, and columns 2 and 3 set out Minnie's total cost schedule.
Price Quantity Total cost (dollars per bottle) (bottles per hour) (dollars per hour)
10 0 1
8 1 3
6 2 7
4 3 13
2 4 21
0 5 31
At what price is Minnie's total revenue maximized and over what price range is the demand for water elastic? Why will Minnie not produce a quantity at which the market demand is inelastic?
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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