Question 1 Report
The demand schedule for a product is shown below. Use the information in the tabe to answer the question that follows;
| price ($) | 5 | 10 | 15 | 20 | 25 | 30 |
| Quantity ($) | 60 | 50 | 40 | 30 | 20 | 10 |
(a) Calculate the total revenue at each price.
(b) calculate the total revenue at each price
(i) $5 to $10
(ii) $250 to $30
(c) classify the elasticities calculated in (b) above
(d) What is the relationship between the total revenue and elasticity coefficient calculated in (b)(i) and (ii)