3. Refer to the demand schedule in Table 1 below: Table 1 Quani demanded 50 100 m- _ 200 250 300 350 400 a. What is the demand elasticity when price increases om $40 to $50 (please use the midpoint method?) b. Does the total revenue increase or decrease? What is the quantity effect and what is the price effect? 4. Based on the demand schedule in Table 1 above, calculate consumer surplus when the price is $30. Please provide the steps of calculation