Columns 1 and 2 Make Up a Portion of a Monopolist's

question 12

Multiple Choice

Columns 1 and 2 make up a portion of a monopolist's production function for a single variable input,labor.Columns 2 and 3 represent the demand function facing the monopolist over this range of output: $\begin{array}{c}\begin{array}{c}(1) \\\text {Units of Labor}\\3 \\4 \\5 \\6 \\7\end{array}\begin{array}{c}(2) \\\text {Units of Output}\\370 \\490 \\570 \\600\\620\end{array}\begin{array}{c}(3) \\\text {Price}\\\$10\\9\\8\\7\\6\end{array}\end{array}$
How much does the fifth unit of labor add to the firm's total revenue?

• A)$1.875
• B)$80
• C)$150
• D)$4,560
• E)none of the above

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Definitions:

Domain

In mathematics, the set of all possible input values for which a function is defined.

Rational Function

A function represented by the ratio of two polynomials, where the denominator is not zero.

Rational Expression

A rational expression is a fraction where the numerator and/or the denominator are polynomials.

Simplify

The process of reducing a mathematical expression or equation to its most concise and simple form, removing parenthesis and combining like terms when possible.