Instructions: Enter your answers rounded to two decimal places. For each segment, be sure to enter the highest price first. c. Use Chapter 6's total-revenue test for price elasticity to designate the...

Extracted text: Instructions: Enter your answers rounded to two decimal places. For each segment, be sure to enter the highest price first. c. Use Chapter 6's total-revenue test for price elasticity to designate the elastic and inelastic segments of your graphed demand curve. Demand is elastic from a price of $ Demand is inelastic from a price of $ to a price of $ to a price of $ d. In general, when marginal revenue is positive, demand is elastic When marginal revenue is negative, demand is inelastic e. Suppose the marginal cost of successive units of output is zero. What output would the profit-seeking firm produce? (Assume the firm can only produce whole units.)


Extracted text: Refer to the demand schedule below. a. Use the following demand schedule to calculate total revenue and marginal revenue at each quantity. Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Quantity Demanded (Q) Price (P) Total Revenue Marginal Revenue $7.00 6.50 1 6.00 5.50 5.00 4 4.50 4.00 6. 3.50 7 3.00 8 2.50 9