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Refer to the table below containing the market demand schedule for canoes. Quantity Demanded Price ($ per canoe) (canoes per month) $400 100 300 800

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Refer to the table below containing the market demand schedule for canoes. Quantity Demanded Price ($ per canoe) (canoes per month) $400 100 300 800 200 1, 200 3:34 00 1, 600 a. Draw a graph showing the demand curve D. Plot only the endpoints of the curve, 2 points in total, In the graph below. Demand for Canoes 500 Tools 1 400 Demand 300 Price ($ per canoe) 200 100 0 200 400 600 800 1009 200 409 600 8092000 Quantity (canoes per month)Quantity (canoes per month) 13:23 b. What is sellers' total revenue at each price? At a price of $400 total revenue is $ , it is $ at a price of $300, $ at a price of $200, and $ |at a price of $100. c. On the basis of your answers to parts (a) and (b), how would you describe the elasticity of the market demand curve for canoes? Demand is (Click to select) | from prices $400 to $300, (Click to select) | from prices $300 to $200, and |(Click to select) | from prices $200 to $100 d. What is the numerical value of the coefficient of the price elasticity of demand, ed, in the three relevant price ranges? Do not round your Interim calculations before obtaining the final solution (le. do not clear your calculator). In each case, express the number to two decimal places and do not include a positive of negative sign (Le. 1.67, not -17 or +1.667). From prices $400 to $300 ed is from prices $300 to $200 it is , and from prices $200 to $100 it is e. Are your answers to parts (c) and (d) for the three relevant price ranges consistent? (Click to select) v , because demand in part (c) is elastic when the coefficient in part (d) is |(Click to select) | than 1 and demand is inelastic when the coefficient is | (Click to select) | than 1. f. The numerical value of the slope of this demand curve is Remember to enter a minus sign if applicable. Does a demand curve with a constant slope have a constant numerical price elasticity? (Click to select) v , because the value of the price elasticity of demand |(Click to select) | in different price ranges. MC Prev

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