1. What is the price elasticity of demand for Product A? 2. What is the price elasticity of demand for Product B? 3. What is the price elasticity of demand for Product C? 4. Which product (A, B, or C) has inelastic demand? 5. Which product (A, B, or C) has elastic demand? 6. Which product (A, B, or C) has unit elastic demand? 7. Which product (A, B, or C) generated less revenue after the price was increased? 8. Which product generated the same revenue even though it's price was increased? If you're confused or struggling with this worksheet, then check the HELP Forum on HFC Online, maybe post your question or desperate plea for help there, or email me.Mickey operates a small business that produces 3 products. We will call these products A, B, and C. Mickey's costs of production have recently increased by approximately $5,000. Since his total revenue (his sales) was just a little over $100,000, Mickey figured he would pass on the increased costs of production to his customers by raising his prices 5%. But, after raising the price of all three products by 5%, Mickey found himself with LESS money than he had before. He has asked you to find out what happened and has supplied the following data. Complete the blank spaces for total revenue by product, both before and after the price hike, and also calculate the price elasticity of demand. Before Mickey Raises Price Units Price Total Revenue Product A 531 $78.00 Product B 1,025 $39.00 Product C 1, 010 $19.50 Sum Total Revenue All ProductsAfter Mickey Raises Price Units Price Total Revenue Product A 469 $82.00 Product B 975 $41.00 Product C 990 $20.50 Sum Total Revenue All Products % chg using a midpoint Price formula Elasticity of Demand % chg Q % chg P Product A 12.5% 5.0% Product B 5.0% 5.0% Product C 2.0% 5.0%