PRICE ELASTICITYOF DEMAND: APPLICATION FOR BUSINESS STRATEGY TO MAXIMIZE TOTAL REVENUE GIVEN: The following hypothetical data concerning PRICE_"P" and QUANTITY demand (Qd) and Points "A" to "I" along the Demand Line that represent various combinations of "P" and "Qd", respectively POINT PRICE QUANTITY DEMANDED (Pt) (P) (Qd) A 80 0 B 70 100 C 60 200 50 300 40 400 30 500 20 600 H 10 700 0 800 REQUIREMENTS: 1. Using Microsoft EXCEL, plot the above data set on a graph so that you can show the geometric interpretation with appropriate calibration on the vertical sand horizontal axis for PRICE and QUANTITY, respectively. 90 80 70 B 60REQUIREMENTS: 1. Using Microsoft EXCEL, plot the above data set on a graph so that you can show the geometric interpretation with appropriate calibration on the vertical sand horizontal axis for PRICE and QUANTITY, respectively. 90 80 70 B 60 C 50 D PRICE 40 E 30 20 G 10 H 0 100 200 300 400 500 600 700 800 900 Quantity Demanded (Qd) 2. Compute for the pure value of Price Elasticity of demand at every Point (A, B, C, D, E, F, G, H, and I). 3. Interpret the computed Elasticity value at each POINT.. 4. Compute for the Total Revenue (TR) at each POINT. At what POINT is TR maximum? Explain. 5. Examine the relationship(s) between Elasticity Value and TR at each POINT.SUBJECT : MANAGERIAL ECONOMICS COURSE CODE: BEC 101 ANSWER NUMBER 5 ONLY