Write the equation for the demand curve in the graph for Technical Problem 7. What is the equation for marginal revenue? At what price is demand unitary elastic? At what output is marginal revenue equal to 0?

Data From Problem 7

Use the graph on the next page to answer the following questions:a. The interval elasticity of demand over the price range $3 to $5 is ____________.b. The interval elasticity of demand over the price range $10 to $11 is ____________.c. The interval elasticity of demand over the price range $5 to $7 is ____________.

Transcribed Image Text:

12 11 10 | 5 3 Demand | | 200 400 1,000 1,400 1,800 2,400 Quantity Price (dollars)