Prepare a ***two- to three-page*** analysis by answering the questions below. Be
ID: 1239250 • Letter: P
Question
Prepare a ***two- to three-page*** analysis by answering the questions below. Be sure to cite your references using APA format.Demand Schedule for Barbeque Dinners
Price / Quantity Demanded / Total Revenue / Elasticity Coefficient / Elastic or Inelastic
$4 100 __________ XXXX XXXX
$6 80 __________ __________ __________
$8 60 __________ __________ __________
$10 40 __________ __________ __________
$12 20 __________ __________ __________
$14 1 __________ __________ __________
A. Calculate the total revenue for each level of demand.
B. Using the midpoints formula presented in the text, calculate the elasticity coefficient for each price level, starting with the coefficient for the $4 to $6 level. For each coefficient, indicate what type of elasticity is indicated, elastic demand, inelastic demand, or unitary demand.
C. Define elastic, inelastic, and unitary elasticity means.
How are these related to total revenue?
Explanation / Answer
midpoint formula finding elasticity coefficient from (q,p) to(Q,P) e = (Q-q) * (P-p) (Q+q )/2 ( P+p) /2 if demand is elastic then increase in price decreases totalrevenue if demand is inelastic then increse in price increases totalrevenue if demand is unit elastic,then increase or decrease in pricedoes not affect total revenue.