A. Demand is elastic (at all prices). B. Demand is inelastic (at all prices). Your answer is not correct. C. Demand is elastic at all prices above $7.00 and inelastic at all prices below $7.00. This is the correct answer. D. Demand is elastic at all prices above $5.00 and inelastic at all prices below $5.00. E. Demand is inelastic at all prices above $7.00 and elastic at all prices below $7.00. At what price is total revenue maximized? Total revenue is maximized when price equals $ nothing. (Enter your response as a real number rounded to two decimal places.)

This question requires a graph which was not provided. I obtained the graph from google. It can be found in the attachment below.

a. Demand is elastic at all prices above $7.00 and inelastic at all prices below $7.00 - option C.

b. Total revenue is maximized when elasticity is equal to one, thus when price equals $7.

Explanation:

a. In a case where demand is elastic, an increase in price leads to a decrease in total revenue. However, when demand is inelastic, an increase in price leads to an increase in total revenue.

Thus, demand is elastic at all prices above $7.00 and inelastic at all prices below $7.00. - option C.

b. Total revenue is maximized when elasticity is equal to one, thus when price equals $7.

Price           Quantity           Total revenue

0                 0                 0

2                 8  16

4  7  28

6  6  36

8  5  40

10  4  40

12  3  36

14  2  28

16  1  16

18          0                 0

you can put this in your 11 sentence summary

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