The Following Table Shows the Total Revenue and Total Cost

question 77

Multiple Choice

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

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Definitions:

Sequential Search

A searching algorithm that iterates through each element in a list until the target value is found or the list is fully traversed.

Comparisons

The process of evaluating two values or expressions to determine their relationship, commonly used in programming to control flow.

List

A collection of ordered items that can contain duplicate elements and is used to store data in a linear format.

Sequential Search

Sequential search is a method for finding a target value within a list; it sequentially checks each element of the list until a match is found or the whole list has been searched.