Question: Total revenue is derived by multiplying price and quantity demanded. Given the table below, answer the questions shown after the table. Demand Schedule for Product

Total revenue is derived by multiplying price and quantity demanded. Given the table below, answer the questions shown after the table.

Demand Schedule for Product w

Price of Product WQuantity Demanded for Product WP10060 millionP20050 millionP30040 millionP40030 millionP50020 million

Questions:

1. What will happen to the company's total revenue if the price of Product W falls from P400 to P300?

2.What will happen to the company's total revenue if the price of Product W rises from P200 to P400?

3. At what price/s are the company's total revenue maximized?

4. A what quantity/quantities of Product W will be bought at the price that answers question number 3?

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