Illustrate what is which industry marginal revenue

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Reference no: EM1344065

Q. (TCO B) Here is some data on the demand for marshmallows:

Price Quantity
$10 100
$ 8 300
$ 6 700
$ 4 1300
$ 2 2200

(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 industry, then illustrate what is which industry's marginal revenue as it increases o/p from 1300 units to 2200 units? Demonstrate all work

Reference no: EM1344065

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