Here is some data on the demand for lettuce:
Price Quantity
$10 100
$ 8 120
$ 6 140
$ 4 160
$ 2 180
(a.) Is demand elastic or inelastic in the $6-$8 price range? How do you know?
(b.) If the table represents the demand faced by a monopoly firm, then what is that firm's marginal revenue as it increases output from 160 units to 180 units? Show all work.