With respect to price elasticity of demand, create a graph using the information in figure 1. Illustrate the ranges on demand curve that indicate elastic, inelastic, and unitary elasticity. Describe your answers. Enter non-numerical responses in the same worksheet using tax boxes.
Quantity total elasticity elastic
Price demanded revenue coefficient inelastic
$4 100 ------------ xxxx xxxx
6 80 ------------- ---------- -------------
8 60 -------------- ----------- ----------------
10 40 -------------- ------------ -----------------
12 20 ----------- ------------- ---------------
14 1 ----------------- ------------ ---------------