1. Use production theory to graphically illustrate with a production function the case in which a medical innovation improves health without any change in the consumption of medical care. 2. Some people believe cigarette and alcohol advertisements should be banned completely in the United States. If this were the case, what would likely happen to the shapes of the total and marginal product for medical care

A monopolist can sell 15 toys per day for $12.50 each. To sell 16 toys per day, the price must be cut to $12.20. The marginal revenue of the 16th toy is:.

A. $12.20.

Explanation:

For this monopolist, the marginal revenue is the incremental revenue which it generates from each additional unit of sales.  It can also be expressed as the rate at which total revenue changes from what it was before now.  In this case, the additional revenue that the monopolist will get from selling one additional unit is $12.20.  It is the additional revenue that the monopolist gets for the 16th item.