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Suppose demand for aged cheddar cheese is Q-30-3P , where Qis the pounds of cheese sold and P is the price of one pound of
Suppose demand for aged cheddar cheese is Q-30-3P , where Qis the pounds of cheese sold and P is the price of one pound of cheese. Please fill in the table below with your answers. Show how you calculated each of the 3 associated answers for only one of the prices below. No need to show calculations at the other prices. You may use Excel if you like) P Q Price elasticity of Total demand Expenditure 1/slope of PxQ inverse demand(P/) ( a)c) 10 Not applicable0 9 8 7 6 5 4 3 2 b . Using the data above, draw a two- part graph like Figure 4.2 of your textbook. In the upper part of the graph, show the demand curve; be very careful about your axes, their labels including units of measure) and specify the prices and associated quantities . In the lower part of the graph, show the total expenditure curve, again clearly labeling total expenditure values that correspond to the quantities and prices in the upper graph
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