There are three sets of price and quantity below for a firm. P1 = $40 Q1 = 20 P2 = $30 Q2 = 40 P1 = 30 Q1 = 40 P2= 25 Q2 = 50 P1 = 25 Q1 = 50 P2 = 20 Q2 = 60 Given the information above on the four sets of price and quantity 1. Using the price elasticity of demand (PED) formula (using the average formula), calculate the PED for each set of price and quantity demanded change, and determine in absolute value the range of elasticity? 2. Using the information of above, calculate the total revenue (TR) for each and given the information from parts a, b and c, predict the price this firm will charge?

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