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  3. 3 15 marks the following schedule shows the number of...

Question: 3 15 marks the following schedule shows the number of...

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3. (15 marks) The following schedule shows the number of packs of bagels bought in Quebec City each day at a variety of prices Price of bagels ($/pack) 6 5 Number of packs purchased per day 0 1,500 3,000 4,500 6,000 7500 9,000 3 2 0 a. Graph the daily demand curve for packs of bagels in Quebec City. b. Derive an algebraic expression for the demand schedule you graphed. c. Calculate the price elasticity of demand at the point on the demand curve where the price of bagels is $3. d. If all bagel shops increased the price of bagels from $3 to $4, what would happen to total revenue?

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