lease fill-in the empty cells in the table below. Explain the relationship between the elasticity of demand and the total revenue (TR). What pricing strategy can you recommend?   Price Qd Elasticity of demand TR=PxQ 0 20 - - 0 5 18       10 16       15 14       20 12       25 10       30 8       35 6       40 4       45 2 - - 90

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter3: Demand Analysis
Section: Chapter Questions
Problem 6E
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Please fill-in the empty cells in the table below. Explain the relationship between the elasticity of demand and the total revenue (TR). What pricing strategy can you recommend?

 

Price

Qd

Elasticity of demand

TR=PxQ

0

20

-

-

0

5

18

 

 

 

10

16

 

 

 

15

14

 

 

 

20

12

 

 

 

25

10

 

 

 

30

8

 

 

 

35

6

 

 

 

40

4

 

 

 

45

2

-

-

90

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