Firm A plans to introduce a new smart phone, which has a potential market of 1 million customers. The marketing research conducted by the firm shows that 40% of the customers will buy it if the phone is priced at no more than $300, and the other 60% of the customers will only buy it if the phone is priced at no more than $250. (1) What is the maximum possible revenue for the new phone? (2) Outline a strategy for the firm to achieve its maximum revenue.
(Hint: Think about price discrimination.)