A company produces and sells 100 picnic baskets a day at $80 each. When it cut the price to $64 it increased its sale to 116 picnic baskets a day. Which of the following statements is correct? Question 9Answer a. The marginal revenue is greater than zero. b. The demand for the picnic baskets is elastic. c. The company should raise its price in order to increase profits. d. The elasticity of demand is approximately 1.25