28. A firm seeking to maximize its total revenue would lower its price until price elasticity of demand was (LO3) a) a maximum b) a minimum c) one 29. If the price of iPods is reduced by 50 percent and the quantity of songs demanded on iTunes rises by 25 percent, then the cross elasticity of demand for iPods and iTune songs is (LO4) a) 5.0 b) 1.0 c) 0.5 d) 0.25