As a monopolist increases the price of a good, what happens to the total revenue (TR)?
TR first increases and then decreases
TR first decreases and then increases
As the price increases, TR first increases due to price effect and then decreases due to quantity effect.
For a monopolist, the total revenue (TR) _________.
A firm earns a revenue of Rs. 50 when the market price of a good is Rs. 10. The market price increases to Rs. 15 and the firm now earns a revenue of Rs. 150. What is the price elasticity of the firm's supply curve?