Calculate the elasticity of demand

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1 Consider the data below.

P          0          10        20        30        40        50        60        70        80        90       

Qd       45        40        35        30        25        20        15        10        5          0

Graph the data.

b-c. Calculate the elasticity of demand for each item below. BE CERTAIN to interpret/explain what your answer means.  

b. price decreased from $80 to $70.  (10 pts.)

c. price increased from $10 to $20 (10 pts.)

d. calculate total revenue at every price.

Reference no: EM13266555

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