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A pure monopoly sells 6 units of a product per day at a unit price of $15. If it lowers the price to $14, its total revenue increases by $22. This implies that its sold output increases by

Multiple Choice

4 units per day.

3 units per day.

2 units per day.

1 unit per day.

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Answer:

The correct answer is C (2 units)

Explanation:

Giving the following information:

A pure monopoly sells 6 units of a product per day at a unit price of $15. If it lowers the price to $14, its total revenue increases by $22.

First, we need to calculate the actual revenue:

Revenue= 6units* $15= $90

Now, we calculate the new revenue and calculate the total units sold:

Revenue= 90 + 22= $112

Total units= $112/$14= 8 units

Incremental= 2 units

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