Demand schedule for barbeque dinners based problem

Task: Demand Schedule for Barbeque Dinners

 Price Quantity Demanded Total Revenue Elasticity Coefficient Elastic or Inelastic \$4 100 __________ XXXX XXXX 6 80 __________ __________ __________ 8 60 __________ __________ __________ 10 40 __________ __________ __________ 12 20 __________ __________ __________ 14 1 __________ __________ __________

Question 1: Calculate the total revenue for each level of demand.

Question 2: Using the midpoints formula presented in the text, calculate the elasticity coefficient for each price level, starting with the coefficient for the \$4 to \$6 level. For each coefficient, indicate what type of elasticity is indicated, elastic demand, inelastic demand, or unitary demand.

Question 3: Define elastic, inelastic, and unitary elasticity means. How are these related to total revenue?

Question 4: Explain how the elasticity changes as price increases. Why is this happening?

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