(Answered) Question minnies mineral springs is a single-price monopoly

Economics

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

At what price is Minnie's total revenue maximized and over what price range is the demand for water elastic? Why will Minnie not produce a quantity at which the market demand is inelastic?

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Microeconomics, Economics

Category:- Microeconomics
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