Solved: Determining whether demand is elastic or inelastic, Microeconomics

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Determining whether demand is elastic or inelastic

Problem: Here is some data on the demand for marshmallows:

Price Quantity

$10 1100
$ 8 1300
$ 6 1700
$ 4 2300
$ 2 3100

Q1. Is demand elastic or inelastic in the $6-$8 price range? How do you know?

Q2. If the table represents the demand faced by a monopoly firm, then what is that firm's marginal revenue as it increases output from 1700 units to 2300 units? Show all work.

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Microeconomics: Determining whether demand is elastic or inelastic

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Microeconomics: Determining whether demand is elastic or inelastic

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