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Chapter 19 How Elasticity of Demand Affects Total Revenue Homework Questions
1. Graph the following demand schedule. Complete the chart by first inserting the
formula for the coefficient of price elasticity of demand.
Calculate elasticity of demand and show the three levels of price elasticity of demand on a graph.
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Price |
Quantity | |
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20 |
1000 |
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30 |
800 |
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40 |
600 |
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50 |
400 |
2. Draw both a perfectly elastic and perfectly inelastic demand curve. Give an example of each and state the characteristics that determined their elasticity.
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