Calculate the elasticity coefficient for each price level

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Reference no: EM13198922

Demand Schedule for Barbeque Dinners

Price Quantity Demanded
Total Revenue Elasticity Coefficient Elastic or Inelastic
$4 100
__________ XXXX XXXX
6 80
__________ __________ __________
8 60
__________ __________ __________
10 40
__________ __________ __________
12 20
__________ __________ __________
14 1
__________ __________ __________

Calculate the total revenue for each level of demand.

Using the midpoints formula presented in the text, calculate the elasticity coefficient for each price level, starting with the coefficient for the $4 to $6 level. For each coefficient, indicate what type of elasticity is indicated, elastic demand, inelastic demand, or unitary demand.

Define elastic, inelastic, and unitary elasticity means. How are these related to total revenue?

Explain how the elasticity changes as price increases. Why is this happening?

Reference no: EM13198922

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