Monopoly single-price: marginal revenue & elasticity
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Intros
Lessons
- Monopoly Single-Price: Marginal Revenue & Elasticity Overview:
- Total Revenue & Demand Curve
- Total Revenue: p × q
- Deriving Total Revenue from Demand
- Total Revenue curve
- Quadratic function
- Marginal Revenue & Demand Curve
- Finding Marginal Revenue from Total Revenue
- Formula to Calculate Marginal Revenue
- Graphing Marginal Revenue
- Elasticity & Marginal Revenue
- Elastic Demand → MR > 0
- Inelastic Demand → MR < 0
- Unit Elastic Demand → MR = 0
- In a Monopoly, Demand is always Elastic
Examples
Lessons
- Use the following table to:
Price (p) Quantity (q) 6 0 5 3 4 6 3 9 2 12 1 15 0 18 - Use the following table to:
Price (p) Quantity (q) 6 0 5 4 4 8 3 12 2 16 1 20 0 24 - Finding the Marginal Revenue & Demand Curve
Use the table of values of the total revenue curve to:
Price (p) Total Revenue (R) 0 0 5 25 10 40 15 45 20 40 25 25 30 0 - Suppose the demand curve is p = 6 - 2q
- Suppose the demand curve is p = 10 - 5q
- Learning the Relationship Between Elasticity & Marginal Revenue
Fill in the blanks - If a company is producing a good where the demand is elastic, then the owner should
- Decrease the price of the good.
- Keep the price the same.
- Increase the price of the good.
- Not enough information to determine what to do.
- If a company is producing a good where the demand is inelastic, then the owner should
- Decrease the price of the good.
- Keep the price the same.
- Increase the price of the good.
- Not enough information to determine what to do.