Question: Please complete the table below and answer the following short answer questions.Be as complete and concise as possible. 1. Use the Midpoint Formula to fill

Please complete the table below and answer the following short answer questions.Be as complete and concise as possible.

1. Use the Midpoint Formula to fill in the blanks for each price-quantity combination listed in the following table.

Price

Quantity

Price Elasticity Coefficient

Elastic or Inelastic?

Total Revenue ($)

$9

1

---

---

$8

2

$7

3

$6

4

$5

5

$4

6

$3

7

$2

8

2. Does the table represent the relationship described by the book between price and total revenue for elastic and inelastic goods? Please explain.

3. Think of a good not mentioned in the text that you believe would have near perfect elasticity or infinite elasticity. Please explain.

4. Think of a good not mentioned in the text that you believe would have near zero elasticity or perfect inelasticity. Please explain.

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