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 100 770 140 680 180 610 220 550 260 500 300 460 340 400 380 320 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) Quantity supplied 100 220 140 260 180 320 220 400 260 500 300 640 340 880 380 1400 Q4) Draw a supply curve for the tables on the same diagram as the demand curve you have drawn for Q3. Q5) On the supply/demand diagram find the equilibrium price and equilibrium quantities sold/bought. Q6) Would you make a loss or profit by selling the equilibrium quantity and charging the equilibrium price? Q7) If quantity demanded of tables increases by 180 at all prices, draw the new demand curve and find the new equilibrium price and quantities. Also, identify and explain specific factors which might have caused an increase in the demand for tables. Q8) Calculate your new sales and revenues at all prices and all corresponding higher new quantities demanded.Q9) How much would your loss or profit be at the new equilibrium price? Q10) Now, assume that the new equilibrium price you have worked out in Q7 above is the price you are going to charge in the following 2 years, that is, January 2017 to December 2018. You have estimated your sales in these 2 years to be as follows: Months Jan.-Apr. May-Aug. Sep.-Dec. Jan. - Apr. May-Aug. Sep.-Dec. 2017 2017 2017 2018 2018 2018 Units sold 500 550 600 700 800 950 Using the data above and the data on costs of production given below, produce: a sales revenue budget for each of the 4 months periods stated above (i.e. Jan. to April 2017, etc.) ii) a production budget for each of the 4 months periods stated above (i.e. Jan. to April 2018) assuming average variable costs are $180 per table and fixed costs are $1000 per month iii) a profit budget for each of the 4 months periods stated above