Draw your own graphs of the a demand curve and the total revenue curve. Clearly and accurately labeled graph. Copying from the book will be worth zero points. Then, explain in detail how increases AND decreases in the price can cause TR to increase, decrease and remain the same (all three). be certain to discuss the Ed formula and how this works for Demand and TR, the Price, Qd, the Demand curve, the TR curve, and elasticity itself.
