Refer to the following table that gives the demand facing a monopolist:
$$\begin{array} { c c }
\text { Price } & \text { Quartity } \
\hline \$ 20 & 20 \
15 & 40 \
10 & 55 \
5 & 70
\end{array}$$
-Demand is __________ between 65 and 70 units of output because marginal revenue in that range is ______.

Question

Refer to the following table that gives the demand facing a monopolist:
 $$\begin{array} { c c } 
\text { Price } & \text { Quartity } \
\hline \$ 20 & 20 \
15 & 40 \
10 & 55 \
5 & 70
\end{array}$$
-Demand is __________ between 65 and 70 units of output because marginal revenue in that range is ______.

Quizplus · Accepted Answer

Demand is inelastic between 65 and 70 units of output because marginal revenue in that range is negative, indicating that total revenue decreases as quantity increases.

Refer to the Following Table That Gives the Demand Facing Price Quartity $202015401055570\begin{array} { c c } \text { Price } & \text { Quartity } \\\hline \$ 20 & 20 \\15 & 40 \\10 & 55 \\5 & 70\end{array} Price $2015105​ Quartity 20405570​​

Refer to the Following Table That Gives the Demand Facing $\begin{array} { c c } \text { Price } & \text { Quartity } \\\hline \$ 20 & 20 \\15 & 40 \\10 & 55 \\5 & 70\end{array}$