Question: Calculate total-revenue data from the demand schedule in question 2. Graph total revenue below your demand curve. Generalize about the relationship between price elasticity and

Calculate total-revenue data from the demand schedule in question 2. Graph total revenue below your demand curve. Generalize about the relationship between price elasticity and total revenue.

Product Quantity

Price Demanded

$5 ……………………… 1

4 ……………………….. 2

3 ……………………….. 3

2 ……………………….. 4

1 ……………………….. 5

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