Question: please answer the question and thank yo so much! (J 5.Suppose you are given the following data on demand for a productl Quantity Price Demanded

please answer the question and thank yo so much!

(J 5.Suppose you are given the following data on demand for a productl Quantity Price Demanded $10 30 9 4O 50 60 70 (J GINO: (J 1. Use the above demand schedule to calculate total revenue (TR) at each price and show them in a separate column. (J Calculate the price elasticity of demand when price decreases from $9 to $7?4 Interpret your result as Elastic, Inelastic, or Unit-Elastic, and carefully explain what it means?

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