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If table represents demand faced by monopoly firm then

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Reference no: EM13389892

Here is some data on the demand for lettuce:

Price                Quantity

$10                  100

$ 8                   120

$ 6                   140

$ 4                   160

$ 2                   180

(a.) Is demand elastic or inelastic in the $6-$8 price range? How do you know?

(b.) If the table represents the demand faced by a monopoly firm, then what is that firm's marginal revenue as it increases output from 160 units to 180 units? Show all work.

Reference no: EM13389892

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