To illustrate these figures, draw the demand curve corresponding to the following table.\n\n\n\n\n\n P (£)\n\n\nQ\n\n\nTE (£)\n\n\n\n\n2.50\n5.00\n10.00\n20.00\n40.00\n\n\n40
To illustrate these figures, draw the demand curve corresponding to the following table.
\r\n\r\n P (£) \r\n | \r\n\r\nQ\r\n | \r\n\r\n TE (£) \r\n | \r\n
\r\n 2.50 \r\n5.00 \r\n10.00 \r\n20.00 \r\n40.00 \r\n | \r\n\r\n 400 \r\n200 \r\n100 \r\n50 \r\n25 \r\n | \r\n\r\n 1000 \r\n1000 \r\n1000 \r\n1000 \r\n1000 \r\n | \r\n
\r\n
If the curve had an elasticity of –1 throughout its length, what would be the quantity demanded (a) at a price of £1; (b) at a price of 10p; (c) if the good were free?