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Use the demand schedule that follows to answer questions 1, 2, and 3.
1. calculate total revenue and marginal revenue at each quantity.
2. Use Chapter 4's total-revenue test for price elasticity to determine at which price levels the demand is elastic and inelastic.
3. Suppose the marginal cost of successive units of output were $3.50. What output would the profit-seeking firm produce and what price would the firm charge?
Price
Quantity Demanded
Total Revenue
Marginal Revenue
Elasticity
$ 8.00
0
$ 7.50
1
$ 7.00
2
$ 6.50
3
$ 6.00
4
$ 5.50
5
$ 5.00
6
$ 4.50
7
$ 4.00
8
$ 3.50
9
$ 3.00
10
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