Fill in the "Description" column for the table below by indicating if it is elastic, inelastic, or unit elastic.

| Price | Quantity | Total Revenue (Price x Quantity) | Slope | Point Elasticity | Description |
|---------|----------|----------------------------------|-------|------------------|-------------|
| $2.0 | 20 | $40 | -2.00 | 0.10 | |
| $3.0 | 18 | $54 | -2.00 | 0.17 | |
| $4.0 | 16 | $64 | -2.00 | 0.25 | |
| $5.0 | 14 | $70 | -2.00 | 0.36 | |
| $6.0 | 12 | $72 | -2.00 | 0.50 | |
| $7.0 | 10 | $70 | -2.00 | 0.70 | |
| $8.0 | 8 | $64 | -2.00 | 1.00 | |
| $9.0 | 6 | $54 | -2.00 | 1.50 | |

(Note: The "Description" column needs to be filled with the appropriate elasticity classification based on the given point elasticity values.)

To determine whether the demand is elastic, inelastic, or unit elastic, there is need to look at the absolute value of the slope of the point elasticity.

Price Qty Total Rev Slope Point Elast. Des.

$2.0 20 $40 -2.00 Elastic

$3.0 18 $54 -0.20 Inelastic

$4.0 16 $64 -0.33 Inelastic

$5.0 14 $70 -0.50 Inelastic

$6.0 12 $72 -0.71 Inelastic

$7.0 10 $70 -1.00 Elastic

$8.0 8 $64 -1.40 Elastic

$9.0 6 $54 -2.00 Elastic

Based on the given values, it is seen that when the absolute value of the slope of the point elasticity is less than 1, it indicates inelastic demand. When it is exactly 1, it represents unit elastic demand. And when it is greater than 1, it indicates elastic demand.

Therefore, the description for each value is as follows:

-2.00: Elastic

-0.20: Inelastic

-0.33: Inelastic

-0.50: Inelastic

-0.71: Inelastic

-1.00: Elastic

-1.40: Elastic

-2.00: Elastic

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07187 07187 · Answer 2 · 2024-12-09T11:54:33-05:00

Answer:

Explanation:

Price Quantity Total Revenue Description

$2.0 20 $40 Elastic

$3.0 18 $54 Elastic

$4.0 16 $64 Elastic

$5.0 14 $70 Unit Elastic

$6.0 12 $72 Inelastic

$7.0 10 $70 Inelastic

$8.0 8 $64 Inelastic

$9.0 6 $54 Inelastic