Question: I want a quick solution, please Q2. i) How can we differentiate Elastic and Inelastic Price Elasticity of Demand? ii) Calculate Total Revenue (TR), Marginal

I want a quick solution, please

Q2. i) How can we differentiate Elastic and Inelastic Price Elasticity of Demand? ii) Calculate Total Revenue (TR), Marginal Revenue (MR) and Average Revenue (AR) for the following set of data. Quantity Price Total Revenue Marginal Revenue 0 1 2 3 4 5 6 7 8 9 80 76 72 68 64 60 56 52 48 44 If price increases what will be the effect on Total Revenue (TR) in case of a) Elastic, b) Inelastic & c) Unitary Elastic Price Elasticity of Demand

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