Given the following demand function:
PriceP$ Quantity,QD(Pounds of steak) Arc Elasticity, ED Total Revenue Marginal Revenue
12 30 n.a n.a
11 40
10 50
9 60
8 70
7 80
6 90
5 100
4 110
a) Compute the associated arc elasticity, total revenue, and marginal revenue values.
b) On a separate graphs, plot the demand function, total revenue function, and marginal revenue function.