2 Graph the accompanying demand data and then use both the elasticity coefficient and the total-revenue test to determine price elasticity of demand for each possible price change. What can you conclude about the relationship be tween the slope of a curve and its elasticity? Explain in a nontechnical way why demand is elastic in the northwest segment of the demand curve and inelastic in the southeast segment. Graph the total revenue data below the demand curve and generalize on the relationship between price elas- ticity and total revenue. Table Product price $5 4 Quantity demanded 1 TR 5 2 3 3 4 4 N on lo 1 5