Question: Question 3 [20 Marks] Assume that the following table represents the demand schedule for the product of your com Price/Rand 10 20 30 40 50

Question 3 [20 Marks] Assume that the following table represents the demand schedule for the product of your com Price/Rand 10 20 30 40 50 60 70 80 Quantity per day 800 700 600 500 400 300 200 100 0 TR 3.1 Assume that the current price of your product is R70 and the quantity demanded 100. Use the data above to draw the relevant demand curve and the correspo revenue (TR) curve. 3.2 An effective pricing strategy is required in order to increase the total revenue business. What role does price elasticity of demand play in its strategy? What is t between price elasticity of demand and total revenue

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