Use the following demand schedule for a monopolist to calculate total revenue (TR), marginal revenue (MR) and Price Elasticity of Demand (PED).

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Use the following demand schedule for a monopolist to calculate total revenue (TR), marginal revenue (MR) and Price Elasticity of Demand (PED). For each price, indicate whether demand is elastic, unit elastic or inelastic. Using the same data, graph the demand curve and the total revenue curve, the marginal revenue curve. Identify the elastic, unit elastic and inelastic segments along the demand curve. (Neat hand drawn diagrams are acceptable).

Price

($)

Quantity demanded

Total Revenue

Marginal Revenue

Price Elasticity of Demand

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