Question

Minnie's Mineral Springs, a single-price monopoly, faces the market demand schedule below.

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Minnie's Mineral Springs, a single-price monopoly, faces the market demand schedule below. 

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Draw a point to show the quantity demanded when

 1) the price is $10. Label it 1.

 2) the price is $2. Label it 2. 

Draw the market demand curve through these points and extend it to the x-axis. Label it D. 


Draw a point to show marginal revenue when

 1) the price falls from $10 to $8. Label it 3.

 2) the price falls from $2 to 50. Label it 4. 

Draw the marginal revenue curve through these points. Label it MR. 

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