ollars) 6. Study Questions and Problems #6 In the following table, which contains the demand schedule for a monopolist, enter the total revenue (TR) and marginal revenue (MR) for each price. For each price-quantity combination (that is, table row), indicate whether demand is elastic, unitary elastic, or inelastic at that point on the demand curve. Hint: Do not calculate the price elasticity of demand mathematically. Instead, use what you know about elasticity along different segments of a linear demand curve to determine the elasticity of each price-quantity combination. Price (P) Total Revenue (TR) (Dollars) Quantity Demanded (Q) (Dollars) Marginal Revenue (MR) (Dollars) Price Elasticity of Demand 8.00 0 7.20 1 6.40 2 5.60 3 4.80 4 4.00 5 3.20 6 2.40 7 1.60 8 0.80 0.00 9 10 Using the data from the demand schedule, plot the demand and marginal revenue curves on the following graph. Use the blue points (circle symbol) to plot the demand curve and the purple points (diamond symbol) to plot marginal revenue curve. Plot the points from left to right in the order in which you want them to appear. Line segments will connect automatically. Note: Be sure to plot marginal values between the appropriate whole unit values. For example, the first point on your marginal revenue curve (representing the marginal revenue of the first unit) should be plotted at a value of 0.5 on the horizontal axis, and the dollar value of the marginal value on the vertical axis: (0.5, $7.20). 6 Demand Marginal Revenue TOTAL REVENUE (Dollars) PRICE (Dollars) -4 -6 4 8 6 -8 0 1 2 3 4 5 6 7 8 9 10 11 Quantity (Units) Demand Marginal Revenue Using the data from the demand schedule, plot the total revenue curve on the following graph. Use the green points (triangle symbol) to plot the points from left to right in the order in which you want them to appear. Line segments will connect automatically. Hint: Do not forget to plot the point corresponding to a price of $0. 24 22 20 18 16 14 12 10 8 6 4 2 0 0 1 2 3 4 5 6 7 8 9 10 11 QUANTITY (Units) Total Revenue