Hypothetical demand schedule

1. Consider the following hypothetical demand schedule for “Tammy Fay” brand Mascara:

Price per pound:

$12

$18

$24

$30

$36

Quantity demanded:

600 lbs

500 lbs

400 lbs

300 lbs

200 lbs

100 lbs

0 lbs

Based on this demand schedule, use excel to set up a graph of the demand curve and also the corresponding total revenue curve (use two separate graphs for this, in both cases with quantities on the horizontal axis).

In this same excel sheet, also calculate the price elasticity of demand for each price range using the midpoints formula (make sure to use excel for your calculations, so that I can take a look at those).

2. Suppose that the demand for Cod Liver Oil (CLO) can be written QD =5000-2P (so, the inverse demand curve for CLO is P=2500-0.5QD), where P is the price per ton (in dollars) of CLO and QD is the quantity demanded (in tons) in a period. Based on this information, create an excel sheet which:

1. Sets up scatterplots of (i) the demand curve and (ii) the corresponding total revenue curve for this market (in two separate diagrams).

2. Calculate price elasticity of demand using the point elasticity formula at the following amounts of CLO along this demand curve: QD=4000, QD =2500, QD =1000. Also, calculate totals revenue from sales in this market at each of these quantities: QD=4000, QD =2500, QD =1000.

I need some help on these 2 scatter graphs. I have attached them in a word document below. Please also include a short summary on how you did each of them.

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