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2. (12 Points) Use the following data to graph (a) the demand curve and (b) the total revenue curve. Demand Schedule 2 Price$2468101214161820 Quantity 36322824201612840

2. (12 Points) Use the following data to graph (a) the demand curve and (b) the total revenue curve.

Demand Schedule 2

Price$2468101214161820

Quantity 36322824201612840

a. Graph the Demand Curve.Calculate TR and graph the Total Revenue Curve on a separate graph.

b. At what price is the price elasticity of demand equal to 1?

c. Indicate the elastic and inelastic regions of each curve on each of the graphs from Part a. above.

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