02_03_07_option_2 (1) (Protected View) - Word Sign in X File Home Insert Design Layout References Mailings Review View Help Tell me what you want to do Share i PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing X Option 2 The following graph shows the market for sprockets in a local hardware store. Sprockets Price 12 14 18 18 20 22 24 28 28 30 32 34 Quantity (a) Identify whether the price of sprockets from $4 to $3 is elastic, unit elastic, or inelastic. Explain. (b) What is the price of sprockets that maximizes the hardware store's revenue? Explain. (c) The price of sprockets is $1. If the hardware store wants to increase its revenue, how should it change the price? Explain. (d) Using the midpoint formula, calculate the price elasticity of demand for sprockets when price increases from $2 to $3. Identify the coefficient as elastic, unit elastic, or inelastic (e) Using the midpoint formula, calculate the price elasticity of demand for sprockets when price decreases from $5 to $4. Identify the coefficient as elastic, unit elastic, or inelastic (f) Based on the scenario in part (@), how does the decrease in price affect the hardware store's revenue? Page 1 of 1 147 words + MO 8:42 AM Type here to search EM 50F Mostly cloudy ~ D / (x 10/18/2023 L