Price Quantity Demanded

$160 200000

$200 160000

$240 120000

$280 80000

$320 40000

1. Solve for the price elasticity of demand as the price changes from $160 to $200.
2. State whether the elasticity value you obtained signifies the product in this range

to be elastic, inelastic, or unit elastic.

3. Solve for the price elasticity of demand as the price changes from $280 to $320.

4. State whether the elasticity value you obtained signifies the product in this range

to be elastic, inelastic, or unit elastic.

5. Solve for total revenue at each of the five price levels from the demand schedule above.