1. Graph the demand schedule below for Energy Bars facing an individual firm. Then using the mid-point formula, complete the table by calculating Ed to determine the price elasticity of demand for each of the six possible $1.00 price changes (3 decimal points). Then calculate the total revenue at each price level and indicate if demand is inelastic, unitary or elastic in the table and on the graph.

Price

per

Energy

Bar

Quantity Demanded (1,000s) Ed Total Revenue Elasticity

$1.00 14

$2.00 12

$3.00 10

$4.00 8

$5.00 6

$6.00 4

$7.00 2