Calculate the total revenue for each level of demand

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Reference no: EM13206883

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 __________ __________ __________

A. Calculate the total revenue for each level of demand.

B. 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.

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

Reference no: EM13206883

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