Understand and Describe What Happens When a Market Is Not $\begin{array}{rrrrrrrrr}\mathrm{Q} & 20 & 22 & 24 & 26 & 28 & 30 & 32 & 34 \\\mathrm{P} & \$ 70 & 60 & 50 & 40 & 30 & 20 & 10 & 0\end{array}$

Essay

Understand and describe what happens when a market is not in equilibrium.
-Suppose that the demand schedule is given as
$\begin{array}{rrrrrrrrr}\mathrm{Q} & 20 & 22 & 24 & 26 & 28 & 30 & 32 & 34 \\\mathrm{P} & \$ 70 & 60 & 50 & 40 & 30 & 20 & 10 & 0\end{array}$

a. Graph this data and find the vertical intercept. Assume the demand curve is everywhere linear.
b. Calculate an elasticity coefficient in the inelastic range of the demand curve.
c. Calculate an elasticity coefficient in the elastic range of the demand curve.
d. Find the point of unitary elasticity.
e. Find the point of maximum total revenue. What is the maximum total revenue at that point?