(a) (10 points) Use that data and fill in the Total Revenue and the Elasticity of Demand (using the arc formula) columns in the table below. Round...

b). (7 points) On the following page plot the demand curve for the electricity in Graph 1 and the total revenue curve in Graph 2. (2 points for D curve; 2 points for TR curve; 1 each for the 3 'highlights' for a total of 5 points)

·        Highlight with blue the elastic section of the demand curve and the corresponding section of the total revenue curve. 

·        Highlight with red the unitary elastic section of the demand curve and the corresponding section of the total revenue curve.

·        Highlight with green the inelastic section of the demand curve and the corresponding section of the total revenue curve.

Graph 1

Graph 2

c). (8 points) Complete the following summary table: (1 off for each incorrect answer up to 6)