HotAir Balloon Rides is a single-price monopoly Marginal Total Total revenue Pri

Question

HotAir Balloon Rides is a single-price monopoly Marginal Total Total revenue Price The table shows the demand schedule for balloon rides (columns 1 and 2) and HotAir's total cost schedule (columns 2 and 3) (thousands Quantity cost revenue (thousands of (rides (thousands of dollars of dollars per ride) dollars per ride) per month) Calculate HotAir's total revenue and marginal revenue schedules and fill in the A two right columns of the table per month) 220 0 80 200 160 180 2 . 260 160 380 140..4 520 ..L 120 680

Explanation / Answer

ANswer

TR=P*Q

MR of n th unit=(TR of n units -TR of p units)/(n-p)...................n>p

P Q TR MR 220 0 0 200 1 200 200 180 2 360 160 160 3 480 120 140 4 560 80 120 5 600 40

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