In order to sell two units rather than one the monopolist, Econometrics

In order to sell two units rather than one the monopolist

Using the concepts of total revenue and marginal revenue, show why marginal revenue is less than price in a monopoly situation. Suppose a monopolist wants to expand output from one unit to two units. In order to sell two units rather than one, the monopolist must lower its price from $10 to $8-see the table below. Will the marginal revenue be less than the price?

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Econometrics: In order to sell two units rather than one the monopolist

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Econometrics: In order to sell two units rather than one the monopolist

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