8. Using the following demand schedule, calculate the following: a. b. C. d. e. Qd Price TR 5 50 250 10 45 450 15 40 600 20 25 30 35 40 45 50 35 700 30 750 25 750 20 700 15 600 10 450 5 250 Marginal revenue Price elasticities (over a range). (i.c. Price from $50 to $45, then from $45 to $40, and so forth). Describe how elasticities change and you decrease price. Why do you think is this happening? Explain IN DETAIL the relation among Total Revenue, Marginal Revenue and elasticity of demand. Draw a Chart to show your ideas. Explain the relationship between elasticities and Total Revenue in the following Table: Price rises Price falls Elastic %D0>%DP Q-effect dominates TR falls TR rises Unitary elastic %DQ = % DP No dominant effect No change in TR No change in TR Inelastic %DQ %DP Q-effect dominates TR falls TR rises Unitary elastic %DQ = % DP No dominant effect No change in TR No change in TR Inelastic %DQ