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Please check if part A is correct before doing B & C. Thanksa. Complete the total revenue column from the demand-schedule data given below Quantity Total Revenue Price Print b. Graph the demand curve and total revenue curve in the diagrams below. Instructions: Using the diagram on the left for demand, use the tool provided Demand’ to plot each price-quantity combination (plot 5 points tota), Using the diagram on the right for total revenue, use the tool provided “TR’ and plot each quantity -revenue combination (plot 5 points total). Tools Tools 12 r 10 TR Demand Quantity c. Price and total revenue move in the opposite direction when demand is
Expert Answer
The 1st part (a) is completely correct.
Explanation: Total revenue (TR) is the product of price and quantity demanded. Such condition is satisfied in each row.
Part b:
A demand curve could be plotted with coordinates of quantity and price. Such coordinates are (1, 5), (2, 4), (3, 3), (4, 2), and (5, 1). These coordinates are connected by a line segment to get the required demand curve, DD.
Total revenue (TR) curve could be drawn with coordinates of quantity and TR. Such coordinates are (1, 5), (2, 8), (3, 9), (4, 8), and (5, 5). These coordinates are connected by a line segment to get the required TR curve, RR.
Demand is elastic.
As per the table, decreasing price increases TR at the initial stage and makes it moving in opposite direction. This is also the initial part of demand curve, which indicates that the demand is elastic.
