The following table shows the total revenue and total cost for a monopolist at various levels of output.
Table 11-2 $$\begin{array} { | c | c | c | }
\hline \text { Output } & \text { Total Revenue } & \text { Total Cost } \
\hline 1 & 12 & 22 \
\hline 2 & 26 & 26 \
\hline 3 & 50 & 32 \
\hline 4 & 58 & 40 \
\hline 5 & 60 & 51 \
\hline 6 & 61 & 66 \
\hline 7 & 58 & 86 \
\hline 8 & 48 & 112 \
\hline 9 & 36 & 142 \
\hline
\end{array}$$
-Refer to Table 11-2.At the profit-maximizing output,the price elasticity of demand _____.
A)is elastic
B)is inelastic
C)is unit elastic
D)cannot be determined without more information

Question

The following table shows the total revenue and total cost for a monopolist at various levels of output.
Table 11-2 $$\begin{array} { | c | c | c | } 
\hline \text { Output } & \text { Total Revenue } & \text { Total Cost } \
\hline 1 & 12 & 22 \
\hline 2 & 26 & 26 \
\hline 3 & 50 & 32 \
\hline 4 & 58 & 40 \
\hline 5 & 60 & 51 \
\hline 6 & 61 & 66 \
\hline 7 & 58 & 86 \
\hline 8 & 48 & 112 \
\hline 9 & 36 & 142 \
\hline
\end{array}$$
-Refer to Table 11-2.At the profit-maximizing output,the price elasticity of demand _____.
A)is elastic
B)is inelastic
C)is unit elastic
D)cannot be determined without more information

Quizplus · Accepted Answer

The Answer of The following table shows the total revenue and total cost for a monopolist at various levels of output.
Table 11-2 $$\begin{array} { | c | c | c | } 
\hline \text { Output } & \text { Total Revenue } & \text { Total Cost } \
\hline 1 & 12 & 22 \
\hline 2 & 26 & 26 \
\hline 3 & 50 & 32 \
\hline 4 & 58 & 40 \
\hline 5 & 60 & 51 \
\hline 6 & 61 & 66 \
\hline 7 & 58 & 86 \
\hline 8 & 48 & 112 \
\hline 9 & 36 & 142 \
\hline
\end{array}$$
-Refer to Table 11-2.At the profit-maximizing output,the price elasticity of demand _____.
A)is elastic
B)is inelastic
C)is unit elastic
D)cannot be determined without more information

The Following Table Shows the Total Revenue and Total Cost