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 (...

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)

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