Important information about Calculating the price elasticity of demand
The demand schedule for the product produced by a monopolist is given in the following table.
Quantity demanded Price Total revenue Marginal revenue Price elasticity
0 $1000
1 600
2 500
3 400
(a) Complete the table by computing total revenue, marginal revenue, and the price elasticity of demand (use midpoints formula). USE THE FORMULA ON MIDPOINT FORMULA