From the schedule provided below calculate the total revenue, demand curve and the price elasticity of demand:
Quantity | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
Marginal Revenue | 10 | 6 | 2 | 2 | 2 | 0 | 0 | 0 | -5 |
Quantity | Marginal Revenue (MR) | Total Revenue (TR) | Average Revenue (AR) =TR/Quantity | Elasticity of Demand (Ed) = (ΔQ/ ΔP) (P/Q) |
1 | 10 | 10 | 10 | - |
2 | 6 | 16 | 8 | 5 |
3 | 2 | 18 | 6 | 2 |
4 | 2 | 20 | 5 | 2 |
5 | 2 | 22 | 4.4 | 2.5 |
6 | 0 | 22 | 3.67 | 1 |
7 | 0 | 22 | 3.14 | 1.2 |
8 | 0 | 22 | 2.75 | 1.1 |
9 | -5 | 17 | 1.89 | 0.38 |