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Question 3 Use the following demand schedule to calculate total revenue. For each price, indicate whether the demand is elastic, unit elastic or inelastic. Table

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Question 3 Use the following demand schedule to calculate total revenue. For each price, indicate whether the demand is elastic, unit elastic or inelastic. Table 3 Demand Schedule Price ($1 Quantity demanded TR ($) Price elasticity of demand 5.0 0 4.5 4 4.0 8 3.5 12 3.0 16 2.0 24 1.5 28 1.0 32 0.5 36 0.0 40

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