120 000 110 000 Total revenue 100 000 90 000 80 000 Total costs 70 000 Revenue / osts (E) 60 000 50 000 40 000 30 000 Fixed costs 20 000 10 000 1000 2000 3000 4000 5000 6000 Number of bottles sold 3 5 To remain competitive, Jake has reduced the price of the BEco Bottle. At this new price, the level of sales and his costs remain the same. If Jake sells 5000 bottles, total revenue falls from $90 000 to $75 000. Using Figure 1, calculate the fall in profit as a percentage if Jake sells 5000 bottles at the new lower price. State the formula for net profit and show your workings. [5 marks] Formula Workings