The firm shown in table below faces a downward-sloping demand curve. Over what price range is demana price inelastic? Oa. Over £5 Ob. Under £8 O c. Under £5 Od. Over £3 Average revenue 9 (£) Quantity (units) 1 Total revenue (£) 9 Marginal revenue (£) 7 8 2 16 5 7 3 21 3 6 5 4 24 1 5 25 -1 4 6 24 -3 3 7 21
The firm shown in table below faces a downward-sloping demand curve. Over what price range is demana price inelastic? Oa. Over £5 Ob. Under £8 O c. Under £5 Od. Over £3 Average revenue 9 (£) Quantity (units) 1 Total revenue (£) 9 Marginal revenue (£) 7 8 2 16 5 7 3 21 3 6 5 4 24 1 5 25 -1 4 6 24 -3 3 7 21
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![The firm shown in table below faces a downward-sloping demand curve. Over what price range is demana
price inelastic?
a.
Over £5
b. Under £8
Under £5
C.
d. Over £3
Average revenue 9
(£)
Quantity (units)
Total revenue (£) 9
Marginal revenue (£) 7
8
2
16
5
7
3
21
3
6 5
4
24
1
5
25
-1
4
6
24
-3
3
7
21](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F85780613-6b22-44df-8a72-d2cd00666ce9%2F64949837-a0a0-4db9-9c67-588c1cf8fa0e%2F2wfanqj_processed.png&w=3840&q=75)
Transcribed Image Text:The firm shown in table below faces a downward-sloping demand curve. Over what price range is demana
price inelastic?
a.
Over £5
b. Under £8
Under £5
C.
d. Over £3
Average revenue 9
(£)
Quantity (units)
Total revenue (£) 9
Marginal revenue (£) 7
8
2
16
5
7
3
21
3
6 5
4
24
1
5
25
-1
4
6
24
-3
3
7
21
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