5. Price Quantity Demanded TR Ed
20 0.5 ___ ____
18 1.5 ___ ___
16 2.5 ___ ____
14 4.0 ____ _____
12 6.0 ____ _____
10 8.0 ____ _____
8 11.0 ____ _____
6 15.0 ____ _____
4 20.0 ____ _____
2 26.0 ____ _____
When the demand is elastic, price drop will result in higher incomes for firms. And when the demand is inelastic, price drop will result in lower incomes