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The figure below shows the demand schedule and demand curve for a product produced by a single-price monopolist.

Short description: A graph plots output against price in dollars. Long description: The horizontal axis representing quantity ranges from 0 to 12, in increments of 1. The vertical axis representing price in dollars ranges from 0 to 10, in increments of 1. The graph shows a line that passes through the following points: (5, 8), (6, 7), (7, 6), (8, 5), (9, 4), (10, 3), (11, 2), and (12, 1). Horizontal and vertical lines are extended from the points, (5, 8), (6, 7), (9, 4), and (10, 3) to meet the axes. The region within the consecutive lines is shaded. Note: The values are approximate.

FIGURE 10-1

Refer to Figure 10-1. Suppose this single-price monopolist is initially selling 9 units at $4 each and then reduces the price of the product to $3. By making this change, the revenue the firm gives up on the units it was already selling is ________ and the revenue it gains on the additional units sold is ________. Its marginal revenue is therefore ________. (All figures are dollars)



▸ 40; 27; -13

▸ 3; 9; 6

▸ 9; 3; -6

▸ 34; 28; -6

▸ 30; 36; 6
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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apinaapina
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cng Author
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this is exactly what I needed
smi3
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Thanks for your help!!
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