Reference no: EM13390391

The demand schedule for the product produced by a monopolist is given in the table below.  Complete the table by computing total revenue and marginal revenue.

                                Quantity                                   Total              Marginal

                              demanded           Price          revenue             revenue  

                                       1                   $325        $______

                                       2                      300          ______            $______

                                       3                      275          ______              ______

                                       4                      250          ______              ______

                                       5                      225          ______              ______

                                       6                      200          ______              ______

                                       7                      175          ______              ______

                                       8                      150          ______              ______

                                       9                      125          ______              ______

                                      10                     100          ______              ______

                                      11                       75          ______              ______

                                      12                       50          ______              ______

                                      13                       25          ______              ______

                                      14                         0          ______              ______

(a) What do the data in the table indicate about the relationship between total revenue and marginal revenue?  Explain.

(b) What do the data in the table indicate about the elasticity of demand?