3. Assuming the same Price Elasticiy of Demand calculated above: (a) If you instead recommended that Miland lower the price from $50 to $40, how many EppiPencils would you expect to sell? C2,; = ____________ (b) At the new price of $40 per unit, how much revenue would the total sales of Ep- piPencils create for Miland?: Revenue 2 ____________ 4. Based on all of the information above: (a) If Miland raises the Price of EppiPencils (from $50 to $75), total revenues collected will __________________ (increase / decrease) . (b) If Miland lowers the Price of EppiPencils (from $50 to $40), total revenues collected will __________________ (increase / decrease) . 5. Therefore, in order to meet Miland's goal of maximizing revenues, you should recommend that Miland: __________ (a) Decrease the price to $40 (b) Maintain the price at $50 (c) Increase the price to $75