Serendipity Sound, Inc., manufactures home theater sound systems in its Minneapolis Division. The divisional sales manager has estimated the following demand-curve data.

Quantity Sold per Month Unit Sales Price

20....................................................................$500

40.................................................................... 475

60.................................................................... 450

80.................................................................... 425

100................................................................... 400

Required:

1. Prepare a table similar to panel C of Exhibit 15–1 summarizing Serendipity Sound’s price, quantity, and revenue data.

2. Draw a graph similar to panel A of Exhibit 15–1 reflecting the data tabulated in requirement (1).