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The demand curve for pairs of sunglasses is: Q = 2,000 – 20 P a) How many pairs will be sold at $10? b) At what price would 2,000 pairs be sold? 0 pairs? 1,500 pairs? c) Write equations for Price, Total Revenue, and Marginal Revenue (in terms of Q). Draw graphs of P and MR one set of axes, and a graph of TR on another set of axes. d) What is the point price elasticity of demand at a price of $70? What is the point price elasticity of demand at a price of $60? What is the arc price elasticity of demand between a price of $70 and a price of $60? d) What will happen to total revenue if the price is lowered from $70 to $60? e) At what price will the price elasticity of demand be unitary?
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