Does total revenue (TR) increase decrease or remain the same?

/in /by

The following table shows part of the demand function for tickets to an outdoor summer concert by a Show more The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing group: Price (P)Quantity (Q) 50.. 100 35. 180 20300 10500 a. What is demand elasticity in the $35 $50 price range? Is demand elastic inelastic or of unitary elasticity? Calculate the value and show all of your work. Be sure to use the midpoint equation to determine elasticity. b.Assume demand elasticity is 1.0 in the $20 $35 price range. In this range of demand by what percentage would quantity demanded change if price decreases by 5 percent? Show your detailed calculations c. What is the effect of a price increase from $10 to $20 on total revenue for the event? Does total revenue (TR) increase decrease or remain the same? By how much? Show your detailed calculations. Show less