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my question 1. Annual purchases of laptop computers in a certain market are 10 000 at a price of $3000, 20 000 at a price

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1. Annual purchases of laptop computers in a certain market are 10 000 at a price of $3000, 20 000 at a price of $2000, and 30 000 at a price of $1000. a. Find producers' total revenue at each price. b. On the basis of your answer to part a, is the market demand curve for laptops elastic or inelastic in the price range $3000 to $2000? in the price range $2000 to $1000? c. Calculate the numerical values of demand elasticity in the two relevant price ranges. d. Are your answers to parts b and c consistent? e. Using EconGraphKit (at http://www.mcgrawhill.ca/olc/lovewell), draw the demand curve for laptops and highlight the rectangles showing total revenue at each of the three prices. Are the changes in these areas consistent with your answers to parts b and c? Explain

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