SECTION 3: PROBLEM QUESTION, 25 MARKS The demand schedule for sugar is:

SECTION 3: PROBLEM QUESTION, 25 MARKSThe demand schedule for sugar is:Quantity Demanded(millions of kilograms per year)3 205 167 129 712 3a) What happens to total revenue if the price of sugar rises from $3 to $7 per kilogram?b) What happens to total revenue if the price rises from $7 to $12?c) At what price is total revenue a maximum?