Here is some data on the demand for pounds of fresh spinach:Price...........................Quantity$10...........................100$ 8........................... 200$ 6...........................360$ 4...........................600$ 2...........................1,000(a.) Is demand elastic or inelastic in the $6-$8 price range? How do you know?
(b).If the table represents the demand faced by a monopoly firm, then what is that firm's marginal revenue as it increases output from 600 units to 1,000 units? Show all work.