Chapter 1. Monopoly

1.1

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Questions

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Question

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No, that's not it. The firm will sell 20 at a price of $7, hence the TR = P x Q = $7 x 20= $140.
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Question

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No, that's not it. The firm’s revenue rises from TR = P x Q = $7 x 20= $140 to TR = $6 x 30 = 180. Therefore, the change in TR is 40. To get MR you need to divide the change in TR by the change in Q (which is 40-30 = 10), so MR = 40/10 = 4.
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Questions

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Question

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Great job!
Incorrect. The firm will produce the quantity where MR = MC, then price at the demand curve.