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Important information about Calculating the price elasticity of demand
The demand schedule for the product produced by a monopolist is given in the following table.
Quantity demanded Price Total revenue Marginal revenue Price elasticity0 $10001 6002 5003 400
(a) Complete the table by computing total revenue, marginal revenue, and the price elasticity of demand (use midpoints formula). USE THE FORMULA ON MIDPOINT FORMULA
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