Imagine you are the owner of a business manufacturing and selling a particular type of table in the home furniture industry. The average variable costs of producing each table are £180 while the fixed...

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Extracted text: Imagine you are the owner of a business manufacturing and selling a particular type of table in the home furniture industry. The average variable costs of producing each table are £180 while the fixed costs are £12,000. Also, you have carried out some market research and found that the total number of customers wishing to buy the table varies with changes in price of the table as shown below: Product. Table Price (E) Quantity Demanded 100 140 770 680 610 180 220 260 300 550 500 460 340 380 400 320 Q1) Calculate total revenues at different prices. Q2) Which price would yield the greatest revenue? Q3) Draw the demand curve for the tables Price (E) 100 Quantity supplied 220 140 260 180 320 220 400 260 500 300 640 340 880 380 1400