Refer to the following demand schedule for Managerial Economics Textbooks
Price Quantity Demanded
$100 0
$80 10
$60 20
$40 30
$20 40
0 50

a. Using the midpoint method, calculate the absolute values of the price elasticity of demand.
b. Under which price level is the demand curve elastic? Under which price level is the demand curve inelastic?
c. What will happen to total revenue if price increase from $40 to $60? Why? (Explain in terms of price elasticity of demand).