Table 14-1

-Refer to Table 14-1.If the monopolist sells 8 units of its product,how much total revenue will it receive from the sale?
A) $14
B) $40
C) $112
D) $164

Question

Table 14-1
 
-Refer to Table 14-1.If the monopolist sells 8 units of its product,how much total revenue will it receive from the sale?
A) $14 
B) $40 
C) $112 
D) $164

Quizplus · Accepted Answer

The table shows the monopolist's demand and marginal revenue schedule. To determine the total revenue from selling 8 units of the product, we need to find the price at which the 8th unit is sold, which is $14. This price is equal to the marginal revenue of selling the 8th unit. Therefore, the total revenue from selling 8 units is:

Total revenue = Price x Quantity = $14 x 8 = $112

Therefore, the best choice is C.

Table 14-1 -Refer to Table 14-1.If the Monopolist Sells 8 Units of Sells