1. Suppose the demand schedule for socks is as follows: a. Graph the demand curve, and describe its slope. I). Consider a pn'ce change from $8 to $10. Calculate the price elasticity of D given the price change. 1 c. Now consider a price change from $14 to $15. Calculate the price elasticity of D given the price change. 5 d. Describe the changing nature of Price Elasticity, and explain what this tells you about the price that will maximize total revenues. In part B it is unit elastic so there will be no effect to total revenue, in part C it is elastic so there will be a decrease in total revenue