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Demand and Revenues for a Monopoly

\begin{tabular}{|l|l|l|l|}
\hline
Price (dollars) & Quantity (units) & Total Revenue (dollars) & Marginal Revenue (dollars) \\
\hline
\[tex]$40 & 0 & & \\
\hline
\$[/tex]35 & 5 & & \\
\hline
\[tex]$30 & 10 & & \\
\hline
\$[/tex]25 & 15 & & \\
\hline
\[tex]$20 & 20 & & \\
\hline
\$[/tex]15 & 25 & & \\
\hline
\end{tabular}

Using the demand schedule, what is the total revenue (TR) for the 15th unit?

Sagot :

GinnyAnsweridn
To determine the total revenue (TR) for the 15th unit, we'll follow these steps:

1. Identify the price corresponding to the 15th unit: According to the given demand schedule in the table, the price is [tex]$25 when the quantity sold is 15 units. 2. Calculate the total revenue: Total revenue (TR) is calculated by multiplying the price per unit by the quantity of units sold. Given that the price for the 15th unit is $[/tex]25 and the quantity is 15 units, the total revenue (TR) is:

[tex]\[ TR = \text{Price} \times \text{Quantity} \][/tex]

3. Insert the values into the formula:

[tex]\[ TR = \$25 \times 15 \][/tex]

4. Perform the multiplication:

[tex]\[ TR = 375 \][/tex]

Therefore, the total revenue for selling the 15th unit is $375.
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