Question: Minnie's Mineral Springs is a single-price monopoly. Columns 1 and 2 of the table set out the market demand schedule for Minnie's water, and columns 2 and 3 set out Minnie's total cost schedule.

       Price                           Quantity                 Total cost
(dollars per bottle)         (bottles per hour)       (dollars per hour)

       10                                  0                                 1

        8                                   1                                 3

        6                                   2                                 7

        4                                   3                                13

        2                                   4                                21

        0                                   5                                31

Calculate Minnie's marginal revenue schedule and draw a graph of the market demand curve and Minnie's marginal revenue curve. Explain why Minnie's marginal revenue is less than the price.