Mindy is trying to estimate the elasticity of demand for a product she wants to sell at a craft fair. She has been told that she can expect to sell 10 items if she charges a price of $10, six items if she charges a price of $20, and 18 items at a price of $5.

1. Make a demand schedule to show the quantities demanded at each price.

2. Use the information in the demand schedule to create a demand curve and to graph the results.

3. At which price would the total expenditures by consumers be greatest for the product? At what price would expenditures be the smallest?