Question: Consider the following table showing prices for commodity X having a demand curve with the equation

P = 12 – Q_D

where P represents the market price and Q_D is the quantity demanded.

a) Use the equation to complete the column for quantity demanded. Some of the table has been completed to start you off. Complete the columns for elasticity and total revenue.

b) Set up a set of axes in the space below and graph this demand curve. Show the ranges of price elasticity along the curve (i.e., show the range in which demand is elastic, inelastic and unit elastic and remember to label the axes).