1.A seller of a good raised its price from $20 per unit to $28 per unit, as a result its sales decreased from 1,840 units to 1,720 units. Calculate the price elasticity of demand. Is elasticity elastic, inelastic or unitary?Calculate total revenue.

2.Which is more elastic or inelastic, the demand for bottled water or Ozarka bottled water, toothpaste or Crest toothpaste, ketchup or Heinz ketchup?

3.If the firm's total revenue from the sale of a good decreases as it raises the price of a good, is the price elasticity of demand elastic, inelastic or unitary?

4.If the firm's total revenue from the sale of a good increases as it raises the price of a good is the price elasticity of demand elastic, inelastic or unitary?

5.If the price elasticity of demand for a firm's good is elastic and it lowers the price of a good, what should happen to total revenue?

6.If the price elasticity of demand for a firm's good is inelastic and it lowers its price, what should happen to total revenue?

7.If the price elasticity of demand for a good is unitary, what should happen to total revenue when the firm lowers the price of a good?