(Solved): 2. Use the following demand schedule to determine total revenue and marginal revenue for each possi ...

2. Use the following demand schedule to determine total revenue and marginal revenue for each possible level of sales: LO10.3 a. What can you conclude about the structure of the industry in which this firm is operating? Explain. b. Graph this firm's demand, TR, and MR curves. c. Why do the demand and MR curves coincide? d. "Marginal revenue is the change in total revenue associated with additional units of output." Explain verbally and graphically, using the data in the table.