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The table below shows the demand for haircuts at Styles & Tangles Barber Shop and Beauty Salon in Inuvik. Price of a Haircut Quantity of Haircuts Total Revenue from Demanded by Hair cuts Customers (QD) $60 10 $50 17 $40 24 $30 31 $20 38 $10 41 Required: 1. Calculate the total revenue and fill in the table above. (2 marks) 2. At what price of hair cut is total revenue maximized? (1 mark) 3. Calculate the price elasticity of demand if Styles & Tangles decides to drop its price from $40 to $30. (4 marks) 4. Calculate the price elasticity of demand if Styles & Tangles decides to increase its price from $40 to $50. (4 marks) 5. What is special about the elasticity of demand when the price of haircuts in Inuvik approaches $40? (2 marks) 6. What is unitary elasticity? (2 marks)