Consider the following hypothetical demand schedule for coffee in a given market: Price per pound ($) 6 12 18 24 30 Quantity demanded (lbs) 500 400 300 200 100 (a) Based on this demand schedule, calculate the price elasticity of demand for each price range (use the mid-point formula). (b) Explain how and why the elasticity of demand changes as we move along this demand schedule and also explain how this affects total revenue from sales in this market.