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?
D. Explain how the elasticity changes as price increases. Why is this happening?
Answer is 2 and page long with 1 reference and citation. Calculation is in excel.
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?
D. Explain how the elasticity changes as price increases. Why is this happening?
Answer is 2 and page long with 1 reference and citation. Calculation is in excel.
