Refer to the table above. The firm is considering raising its price to $80. If it does so,

 

Price	Quantity Demanded
$100	100
$90	120
$80	150
$70	210
$60	250

its total revenue will increase, because the percent increase in price is greater than the percent decrease in quantity demanded.

its total revenue will increase, because the percent increase in price is less than the percent decrease in quantity demanded.

its total revenue will decrease, because the percent increase in price is less than the percent decrease in quantity demanded.

its total revenue will decrease, because the percent increase in price is greater than the percent decrease in quantity demanded.

Refer to the table above. If the firm charges a price of $70, its total revenue equals

$700.

$1,700.

$12,000.

$14,700.

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