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Figure 17 Demand curve 10 Price 8 per unit (dollars) 6 Demand 20 25 30 Quantity Refer to Figure 17. a. Calculate the price elasticity

Figure 17 Demand curve 10 Price 8 per unit (dollars) 6 Demand 20 25 30 Quantity Refer to Figure 17. a. Calculate the price elasticity of demand between points b and c using the midpoints method. Show your work. b. Is demand price elastic, inelastic or unit elastic in the specified range? Explain. c. What happens to total revenue as price decreased in the range specified? Explain the change in total revenue in relation to the price elasticity of demand. d. Find the point price elasticity of demand at P=$10. Show your work

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